What is your pricing strategy and why?
- Thread starter eldavis
- Start date
I consider the value of the product and the demand for it
This is a sure thing to do.You don't have to make your selling price too high it will scare away the customers and for low price you would not have profits
I don't own a business. I do translation on a freelance basis. I use competitive pricing strategy. I charge what the competition charges. I don't compete by lowering my rate. I want to excel on my translation skills and service offered to clients.
You are doing great already but you need to have a competitive price too. Doing it this way will help you get more clients don't you think so?
Thank you for your advice. I just charge market rate. Lower the price may not help me to get more clients. There may be confidence issue.
My price use to be the same with my competitors except when I get the goods at lower price that the normal price. I use to buy from the producers, thereby getting the price cheaper than the wholesalers price.
- Thread starter
- #15
How do you know the current price? Do you take time out to make research on how much others are currently selling?
It depends how a company will do this. Costing varies from one country to another. As for me, the basic one is to compute all the materials being used plus the labor cost. It can derive the right price for each item in the company.
pricing of the product required very deep calculation, like I purchase rice from wholesale market so I set it's selling price that price by considering different factors as how much money I have spend in fuel consumption and others.
My pricing strategy is to balance the cost of production and price trends in the market to fix my price. That's to enable me make reasonable profits and also be able to restock.
