What are the circumstances for you to increase the selling prices?
- Thread starter Stardom22
- Start date
Yes, the cost and expenses of a business needs to be considered which can directly affects the selling price of a products
Also, when the demand for the products become inelastic, you can afford to increase prices without facing any challenges.
When transportation or other important variable that affects the general business terrain increases, I would have to increase the prices of my products.
At times, you may have no choic but to raise your prices, such as when your supplier raises their prices.
When poultry feeds and drugs increase, I would surely have to increase the prices of the chickens that I produce.
Inflation touches everyone. My raw materials are now more expensive and so is the delivery charges. I have to keep them in account while setting a selling price. I have just made a minimal increase for the time that I put in. I can compromise on that to some extent but not on other things that are not in my control.
- Thread starter
- #20
Selling prices is the main determinant factor for any business to get sales that directly affects the sales and performance of the business. Therefore one should be very keen especially when increasing it's value.
