Target Practice
One of the true tests of your stroking precision is simple target practice. It's also a way to develop that precision. How do you do it? Simply set up a target on the far side of the table, and after bouncing the ball on your side of the table (or jus tossing it in the air), hit the target.
I do this regularly both as a demo and with students, usually using either a 16.9 oz Deerpark water bottle or a 20 oz Gatorade bottle. Usually I can hit it five out of five times. If you can't hit it at least three out of five times, you need to work on your precision and possibly your stroking technique. This exercise allows you to focus on the stroke mechanics and precision without having to worry about an incoming ball that isn't in the same spot every time.
To do this, just set the target on the far side of the table. I usually put it on the far left side (a righty's forehand court). Then I stand by my backhand side, bounce the ball on the table, and whack! I do it both hitting and looping, though the latter has a bit less control. As an added exercise, take a step off the table, toss the ball up a bit, and loop it, contacting the ball perhaps just above table height, and hit the target.
Here's a hint: don't consciously aim the shot. Just line yourself up, look at the target, and then the ball, and just let your natural muscle memory take over. Your subconscious controls these shots; your conscious mind just gets in the way.