Factors to consider when setting your selling price for products

cherry123 · Jan 28, 2023

You know that you are out to make a profit after a production so you must factor in a lot of things before actually stating a selling price. you need to consider factors like total costs of running the business, Competitors' pricing.
Market demand and the value of your product.

LoukiaCharilaou · Jan 28, 2023

cherry123 said:
You know that you are out to make a profit after a production so you must factor in a lot of things before actually stating a selling price. you need to consider factors like total costs of running the business, Competitors' pricing.
Market demand and the value of your product.

Yes, I agree with you. I believe that the selling price is the key. It must be competitive so as to make people buy your products.

cherry123 · Jan 28, 2023

LoukiaCharilaou said:
Yes, I agree with you. I believe that the selling price is the key. It must be competitive so as to make people buy your products.

Sure it must always be competitive and be rewarding too for the seller to be worth a selling price

LoukiaCharilaou · Jan 28, 2023

cherry123 said:
Sure it must always be competitive and be rewarding too for the seller to be worth a selling price

Correct. Both the seller and the buyer must be satisfied and happy.

Heatman · Jan 28, 2023

You should always consider your cost of producing those products because you can't sell below your cost of production. Also the competition price in the market too.

Magnus2022 · Jan 28, 2023

If a company or organization is not enjoying monopoly, there is need that the product price will tally with or a little difference with other competitors products in the market.

Suba · Jan 28, 2023

Many factors must be considered to determine the selling price, especially after the goods have been produced and ready to be launched on the market, you also need to consider the level of profit you want to get in percentage.

Ebutech · Jan 29, 2023

cherry123 said:
You know that you are out to make a profit after a production so you must factor in a lot of things before actually stating a selling price. you need to consider factors like total costs of running the business, Competitors' pricing.
Market demand and the value of your product.

And also you need to put in consideration, the transportation cost you took to get the products.

jetsaints30 · Jan 29, 2023

Before setting the price for my product, I always make sure to check out what similar products are being sold by my competitors. This gives me an idea of what customers in the market are willing to pay and helps me to adjust my pricing strategy accordingly.

cherry123 · Jan 29, 2023

Ebutech said:
And also you need to put in consideration, the transportation cost you took to get the products.

You are all right let all the expenses be included to know the actual cost of cost price to know the real selling price

Imran Noori · Jan 29, 2023

cherry123 said:
You know that you are out to make a profit after a production so you must factor in a lot of things before actually stating a selling price. you need to consider factors like total costs of running the business, Competitors' pricing.
Market demand and the value of your product.

When you are pricing your products you need to consider every aspect of it, it's buying price, transportation expenses and your own profit.

flower · Feb 1, 2023

If you have to consider the price of your product, the interesting things that you put into consideration is the cost of production.

uptrendfinancialsignal · Feb 21, 2023

I think the cost of production should come first then you should think of the prices which your close rivalry is also selling.

IB D · Feb 21, 2023

You have to check your records and determine the real cost of production before you set your price before you end up cheating yourself. Don't ever be unde pressure to sell.

Stardom22 · Feb 21, 2023

The following factors can determine the prices for your products;
The cost of production- This entails the cost of labour, transportation warehousing fees among others.
Competitor's prices. This is the price for the products by your competitors. Your prices must be a little bit lowered than your competitors.

Springtime · Feb 22, 2023

There are a few factors you need to consider when pricing a product.
1. Cost of Production
2. Demand of the product in the market
3. The price set by competitors
4. The perceived value of the product.

eldavis · Feb 22, 2023

Besides looking at the cost of production when fixing price, one thing i also do is to always ask the price of others who are also into the business as well so i do not over price my work or under price it.

uptrendfinancialsignal · Mar 8, 2023

eldavis said:
Besides looking at the cost of production when fixing price, one thing i also do is to always ask the price of others who are also into the business as well so i do not over price my work or under price it.

It is true that we need to look at the prices that others are selling theirs in order to sell at competitive price.

Niyi Briggs · Mar 8, 2023

Look at the prevalent market price and adjust quickly even if you have old stock. If the market price is cheaper, adjust a bit and sell off because if you keep selling at the old price, no one would buy.

Reedex · Mar 9, 2023

The price that the close rivalry are selling theirs is a yardstick to determining the price that you are going to sell yours.

Factors to consider when setting your selling price for products

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