Do you sit down to plan the price that you are going to sell your products or you just follow market price?

[Min George]

There are some business persons that just sell at the general market prices. They don't sit down to calculate from the invoice, the price that would be suitable for the product to be sold. Do you use general market price to determine the price you sell?

 

[gwolf666]

Many business owners indeed rely on general market prices when setting their selling prices, but that approach can be risky and limit profitability. Simply copying what others charge ignores critical factors such as cost of goods, transportation, packaging, labor, and even your desired profit margin. The smarter approach is to start from your own invoice or purchase cost — calculate every expense involved in getting the product ready for sale, then add a reasonable profit margin that keeps you competitive but still sustainable. Market prices can serve as a reference point, but they shouldn’t dictate your pricing entirely. If you only follow what others are charging, you risk underpricing and losing money, or overpricing and losing customers. A balanced pricing strategy comes from knowing your numbers, understanding customer value perception, and adjusting as the market evolves.

 

[King Belieal]

I always strike a balance between the market price and the cost of production to fix the price that I would sell my products or services.

 

[eLdavis]

Yes i usually take out time to make research and plan my price before i actually decide on the price i sell.