Pricing & Packaging is owned by Product Marketing at Drift. It's also been like that at my past companies (Enernoc, athenahealth and Toast). With that said, it's a highly collaboraive role - including partnership with sales, product, finance, operations and customer success. And of course, your executive leadership team.
Product Marketing owns the function - we are the driver of the pricing & packaging process, hold the pricing committees accountable, hold the meetings & follow-up, and partner with sales enablement to train the sales and cs teams on any pricing and packaging process.
Product management is responsible for communicating with their counterpart in product marketing about any upcoming product and/or feature releases that requires pricing or packaging work. We then bring this into our pricing & packaging process -- where our core committee discusses, evaluates and ultimately makes a final recommendation to our executive DRI.
The answer really varies by company - I have seen instances of Product Marketing, Product Management, Finance, Biz Ops, and Sales Strategy teams own pricing.
In an ideal world, the team that's both tasked with understand your products/market/customers and works closely w/ Sales is the best place to lead pricing initiatives. In most instances, I'd argue that this is Product Marketing. Product Management are important stakeholders in the process (along with teams like Sales and Finance) but since they are not as GTM focused as PMM in most cases I don't think they are in the best position to lead pricing efforts.
Great question with the most votes. In my experience, Product Marketing owns a large percentage of the market analysis, pricing and packaging effort. At VMware, Product Marketing works hand in hand with Product Management, executive staff, finance and sales to carve out pricing for new and incremental offerings. We split pricing related responsibilities in the following way.
Customer & market intelligence i.e. customer segmentation, addressable market, competitve insights and analyst research
Pricing & packaging i.e. product price points, bundling, tiering and discounting
Sales enablement i.e. how is the product priced, deals structured and overcoming any sales objections
Product line tiering i.e. features ABC available to customer segment 1 and features XYZ available to customer segment 2
Product prioritazation i.e. based on customer feedback, market intelligence and companies what features will see the light of day
Product requirements i.e. delivering epics, user stories and task with engineering
You'll see different scenarios in different companies based on industry, size, skills, or company history. At PayFit, Product Marketing owns the topic, but we work very closely with product and biz ops. Product Marketing owns the project, but it's typically a cross-functional decision in the end. Finance, Product, Biz Ops, and Sales generally are substantial stakeholders in the process.
Product marketing will review current sales performance, customer repartition by pricing plans, discount, etc. You'll then review the data and challenge it with cross-functional partners before recommending a change.
If it's a new product you're launching, Product Marketing is typically involved (1) opportunity sizing, (2) validating customer pain, (3) and recommending the MVP. Product is also there hand-in-hand interviewing potential clients, building the MVP, and monitoring business impact based on the new launch.