{"id":3768,"date":"2022-07-28T10:08:36","date_gmt":"2022-07-28T10:08:36","guid":{"rendered":"https:\/\/ebirareporters.com\/?p=3768"},"modified":"2023-05-13T08:11:03","modified_gmt":"2023-05-13T07:11:03","slug":"how-to-choose-an-ideal-price-for-your-product","status":"publish","type":"post","link":"https:\/\/ebirareporters.com\/how-to-choose-an-ideal-price-for-your-product\/","title":{"rendered":"How to Choose an Ideal Price for Your Product"},"content":{"rendered":"
The price of a product determines what customer segment would make demands for them and determines its classification as a luxury good or one for the middle class. There are many factors used in determining the price of a product or service and they can determine your market share.<\/p>\n
1. The Price of Your Competition<\/p>\n
Your competition comprises of those who have been in the market and established a name, a growing brand, and network, they could be a startup like you and already have a differentiating factor to make customers have a rethink should they consider switching to a different product. You should consider your price range falling into what is affordable for both the existing and new products, therefore making room for flexibility to accommodate the needed change when it arises. This shouldn\u2019t mean to copy what the competition is doing, but to watch the changes made by them can give a signal of not just holding the market share but to also establish new connections.<\/p>\n
2. Your Suppliers or Service Providers<\/p>\n
The supply chain is a key factor in the delivery of superb product or service. Some organizations have created synergy with suppliers that make raw materials available all year round and at a stable price, and this helps with consistency, however, this would not always be the case as the price could change, transportation cost could increase or loss due to theft. A selection of suppliers with quality service, integrity and proximity to raw materials are best bet that can make the product or service deliver a reasonable price.<\/p>\n
3. Packaging of Your Product<\/p>\n