What factors should a business person consider when doing pricing for their products

[Stardom22]

They must research on the prices of the same products on the existing competitors in the market.
The prices must meet the business operational costs and should not be too low
The higher the quality the higher the price

 

[Shavkat]

I think you can still do the pricing by knowing the prices of the materials used and add the labor cost. It is the best thing that we can do. Being a wholesaler would be ideal in having a particular business.

 

[flower]

The cost of production will influence the price of any kind of commodity and they are the major determinant.

 

[eldavis]

When placing a price for your products, some of the things you should consider are the cost of production and the cost of transportation. How much do you spend in terms of transporting these products to the final consumers?