Do Market Research To Set Realistic Pricing

[Nomad]

Pricing affects sales, especially if you are a new business. Before you launch your products in the market, do market research. This helps you understand demand, pricing trends, and competition. You should never go beyond the existing product price in the market, and also do not go too low to build mistrust from the buyers. Also don’t try to lower the price so that your competitors also start lowering and at the end of the day you both suffer huge losses.

 

[Fidelia]

As far as you are operating in a market economy, you would have to relate your own price around the prevailing market price.

 

[Augusta]

By conducting market research such studies, companies aim to set prices that resonate with customers while ensuring that their offerings generate sufficient profit