Unlike pricing in consumer markets, pricing in business markets is underresearched. This chapter therefore reviews business market pricing literature, proposes a model for the strategic management of the pricing function and poses fundamental research questions. Because much of the development of pricing work is currently being done by practicing managers and consultants, this chapter takes a practice perspective. Furthermore the review focuses on the development and implementation of a value-based pricing strategy. This chapter defines pricing strategy and value pricing, and also provides an overview of the elements of a pricing strategy using the perspective of value-based pricing practices.