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Setting the Appropriate Price for Your Goods
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[QUOTE="King bell, post: 264477, member: 75687"] Setting up the right price for your product is a guessing game. There is no right answer to how much your product should be worth, but there are some good places to start. The first thing you need to do when pricing your product is think about what makes it different and whether it’s a quality that people are willing to pay for. Does the quality of the stitching in your backpack justify paying $200 more than you would for an average backpack? Is it important that you wear a watch made from recycled materials? These factors will help determine whether people are willing to pony up the extra cash for something special like yours. The next question you need to ask yourself is how much money you want to make. Really, this is the only thing that matters when pricing your product. Obviously, you want to make as much money as you can but you also need to be realistic about how much people are willing to pay for your product. If you set your price too high, nobody will buy it and it won’t matter how special of a product it is. There are a couple of ways to find out what the market is paying for similar products. The first way is by doing research on other websites. See how much they sell the same item for and decide if they are getting a good deal or not. [/QUOTE]
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