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It will all depend on your core marketing strategy. People buy products on benefits and advantages, price comes later. Yes if you want to give a tough competition to others you have to design a clever pricing strategy.
this is a complicated question with many parameters to consider. The information given in the question is insufficient for an educated answer. You will need to concider paramaters such as : the competition itself, product quality, Distribution, awareness of brand, too name but a few..SWOT and PEST analysis of the market is essential to answer the question.
Pricing policy varies depending on several factors: market demand, competitors, your own reputation, quality, your customers, added value, ,....
A business must have a set of questions to be answered by business itself based on "IFs & BUTs" since this strategy involves great risk of failure. the business should have a good contingency plan.
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