Pricing design work often needs to include an unbundling phase. The current offer gets broken down into its key parts so that the contribution of each aspect to value can be understood. These function to value mappings are then connected to a value-based market segmentation in order to repackage offers so that they can be priced.
Willingness to pay (WTP) is one of the most abused terms in pricing work. Lazy consultants use it as a proxy for value. It is not. Market researchers think of it as something to be measured. Pricing strategists look for ways to shape WTP through marketing segmentation, value communication and a pricing model that connects price to value.
Who should own pricing decisions? There are as many opinions on this as there are pricing experts. For good reason. The answer to this question depends on the company's goals and organizational structure, and on just where the product is in the lifecycle. Candidates for pricing governance leadership are the CFO, the head of sales or chief revenue officer, product marketing and product management. But for early-stage innovation, in the build up to launch and for the first few years on the market, I believe the answer is clear. The product manager should be responsible for pricing.