What are the common mistakes made while pricing the product ?

From a retail perspective, the biggest mistake will be pricing based on "Cost plus" without assessing the market price for similar product which can make/break a price perception & that takes long to change. The 2nd biggest mistake made is that of keeping the prices static, or offering very similar deals. That might help bring back the loyal customers, but high chances of losing those customers who are constantly hunting for exciting deals (the price sensitive customers) to a competitor. It's thus very essential to be able to understand your customers' needs in terms of pricing & make sure the prices are aligned with the market and always dynamic.

Lot of answers are possible, but if we consider just product launch especially in B2B, companies use to just apply a "cost plus" pricing instead of Value based. Indeed, "Cost Plus" is easier to put in place but less profitable than Value based. For example, Apple in B2C, sells IPhone 6 at +$700 but I don't think it costs more than $200 to produce, but by focusing on customers' willingness to pay the profitability can be increased