in setting the price for a new product or service, what factors would you take into...

in setting the price for a new product or service, what factors would you take into consideration?

Expert Solution

in setting the price for a new product or service there are many factors that would you take into considerations the major of them are

1. Identify the customers for your relevant product categorise them as frequent users or rarely users and determine wheter they are premium customers or economy customers and find out the value that price play in purchasing , these help you to determine if your price is right and targeted the right market.

2.After identifying the customers you have to concentrate on your brand positioning where you want to be wheter to be in premium highscaled product or cheaper scale or in the medium scale, these help you to determine the perfect pricing.

3.You should be initially aware of the fixed cost and direct cost and then decide upon pricing.

4.You have to check the competititors for the product make a reasearch on it and then think of the profits you get and then try to make a ideal pricing.

keosha answered 1 year ago

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