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How Lowering Prices Can Skyrocket Your Business
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[QUOTE="Shaf, post: 277173, member: 25467"] This is a very controversial topic amongst traders and businessmen. There seems to be varying values for the ideal profits expected on a product. Ideally, you do not want to be running at a loss, whereby your expenses outweigh the revenue you are generating. If you rely on this business as your source of income, you even need more profits to both expand and keep the business running while you cater for your own needs. To ensure that you do this and you still have prices that are lower than that of the competition, is not easy. Indeed, the competition will not be willing to share their price list with you. You have to devise means of doing that, ethically. You should then understand that they could be selling lower quality products, or they are sourcing from a cheaper source. It also depends on the type of clients you serve. You can't give the rich and classy the same category of goods and price you give to the lower class. Some of them may feel it's not genuine and some will feel it's below their class. [/QUOTE]
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