What criteria to employ when pricing your items

[Stardom22]

When deciding the prices of your products in the business you must make a research on the prices of your existing competitors. Also you do the math on the cost of your the operation of your business and decide a price which is not more expensive but also not too cheap.

 

[Shavkat]

I agree with you. We need to conduct research about the prices with the same products with the competitors. It needs to spend time with this or ask for an assistance from experts about this matter.

 

[Reedex]

The major determinant of the price of an item is the cost of production and that is what determines if the price will be increased or lowered.

 

[uptrendfinancialsignal]

When pricing on items the criteria to take into consideration is the quality of that material.

 

[IB D]

Your cost of production is very important. Another factor that is also very important is the prevailing cost in the market because that would be the current cost of production. It might be you have old stock.

 

[Niyi Briggs]

You have to ascertain then level of demand and use it to price your products. If the demand is high, it is time to up your price a little bit.

 

[Springtime]

Factors to consider when pricing your product include:
1. The cost of production and distribution
2. Competitors' pricing
3. The Demand of the product in the market
4. Positioning - the perceived value of your product

 

[Yohanna]

It is extremely important to compare the prices and check for the competitive price.

 

[eldavis]

For me whenever i want to give out a price to my customers, i usually take time out to find out how much others are charging for that Same products or services, after that i can decide on my price by also considering how much it would cost me.

 

[Etini Willie]

It is important to check how much your competitors are selling same Products. It would give you an assessment of the market price for the product. From there, you fix your prices.

 

[Reedex]

The expenses in the business should basically be considered before pricing