Pricing a Product or Service?
Pricing a product strategy is considered as one of the most important priorities in any business. Of all the factors in a marketing mix, pricing correlates the most to the value perceived by the customers. It provides a subtle cue about the value of your business and is the second most important thing that people consider when purchasing a product or service – next to quality.
Aside from enhancing perceived value of your offerings, the primary function of pricing a product is to cover the cost you incurred to bring your product and services in the market, and at least earn a modest profit from it. Needless to say, pricing a product is what makes a business run, so it is only imperative that you set the right pricing strategy from the get-go to keep your business afloat and to effectively attract the attention of your customers.
To learn more on how to effectively set price for your products and services, check out this infographic by Business Coaches Sydney.
Authored by: Garret Norris
Garret is the founder and CEO of Business Coaches Sydney and through his company, remains dedicated as ever to use his training and real life business experience to meet his passion to see business succeed through disciplined management, creative marketing and committed client service.
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