When it comes to pricing your products one thing you should do is know your market. Research your competitors' pricing strategies and your target market's willingness to pay. Make sure you're not pricing yourself out of the market or undercutting yourself. Some people become too greedy when pricing their products. They price thier products more then double of the market price with the aim of getting rich quickly. This is never a good move.
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Pricing products
- Thread starter Fire&Rain
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In determining the price of a product, the first thing you should consider is the production cost and operational cost, the level of market demand for the product you have made, the level of competition, profit margin, etc.
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Before I set a price for my product, I always find out how much others who sell that thing in particular sells theirs. This way I can decide on the amount to set mine.
You have to consider several factors when pricing your products. The cost of the product, demand in the market, competition, profit margin all need to be considered.
Pricing products is something that I always do with a pen and paper alongside my record book for production costs.
There has to be a substantial profits margin when pricing your products. A30% markup pricing is not bad in my opinion.
Yes I noticed this with some sellers as they price thier products more then double of the market price which is bad
