Determining the price of a product is a nuanced process that requires careful consideration of various factors. Start by identifying your costs, which include both fixed and variable expenses. This foundational step is crucial as it sets the baseline for your pricing strategy. Next, consider the mar...
When determining the price of a product or service, several factors come into play. Among these, cost of production, market demand, and competition stand out as the three primary influences.1. Cost of Production:The cost of production includes all expenses incurred in creating a product or deliverin...
Pricing is one of the most important decisions any business will make, and it can determine the success or failure of a product or service. Yet, pricing isn’t simply about covering costs and adding a margin. It is a complex process that reflects several internal and external factors. Each company ne...
