How to Price Your Product: A Step-by-Step Calculation

Image caption: Price your product appropriately using data in order to earn enough revenue, compete in your market, and convert first-time customers into repeat clientele. Image credit: Getty Images / Chaay_Tee. Article by Jacqueline Medina. CO by US Chamber Of Commerce – September 12, 2024.

Whether you’re setting prices for the first time or determining a price for a new offering, here are some best practices for pricing your product.

Product pricing is a strategic process that influences customers’ perception of your offering and ultimately impacts your sales and profitability. It requires businesses to balance various factors, including production costs, profit margins, customer value perception, and the competitive landscape. […]

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