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How do you price your products when there are no competitors to compare yourself to?

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Fidelia

Fidelia

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Most pricing strategies are always based on the prices that the competition is selling. What if a business doesn't have a competitor to relate it's pricing to?

What are the alternatives to setting a price when you don't have competitors?
 
Just use your cost of production and set a 20% or 30% markup and you would have priced your products fairly.
 
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