The problem of pricing

[Mataracy]

On many decisions made in a business,pricing is about the most important and difficult for three main reasons.

(1) The necessary information for pricing is hardly available, and if available, it may be difficult or even impossible to quantify. The result is that only qualitative information is made use of instead of quantitative information.

(2) The price of a product can convey particular messages to the consumer" right price". A right price for an article is said to exist in the mind of the consumer.

(3) The price charged is also expected to achieve some other objectives of the firm apart from revenue generation. Such objectives include the creation of favourable image in the mind of the public or preventing " political competitors" from entering the industry. You can also make your contribution.

 

[sincerem]

When it cones to prices of each commodity, it varies a lot, they aren't the same at all. Market value changes same goes to pricing too. Almost everyday prices of differs kinds of products changes. Here in my country the price of products triple each other. That is a menace here, cos the high surge of foodstuff and other price of goods/commodities tends to be worrying for citizens to cope with.

 

[Alexandoy]

My take on the pricing of the product is its relation to the location. Check the price of a particularly commodity in the mall against the price of the same product in the farmer's market. You will see the big difference because the store in the mall has to pay an expensive rent while in the farmer's market the rent is cheap.

 

[Augusta]

Pricing depends on how a seller want his or her business to go. Some pricing is about the caliber of customers you want. This is why some products might not be all that but the price 8s high, why because the owner of the product needs quality customers also. So it's two ways for quality and quantity

 

[Georgeadawara]

In Marketing the parts of pricing like in my country some customers are good in bracking bwon of price to the range that you can lower the price to the level that even the business man will not have an interest in in.
As a business man it is good to have a fixed price for each of your products. And don't drop it down for any reason that will harm your business.

 

[Godsplan]

I would also say pricing depends mainly on many factors and I would also to talk about some. First of all, l would say the price of a commodity depends on the nature of the market. Most at times businesses do find it difficult to determine whether a market is a consumer market or producer market. When the market is a producer market, you as the entrepreneur need to price the product taking into consideration the other competitors available in the market. But when the market is a consumer market, the business involved can price its products from the demand of the consumers available.

 

[Teatea]

When it comes to price, entrepreneurs should take a stand so that their customers would know exactly what they stand for. Some business owners believe in hiking prices or overcharging with the hope that the customers will eventually price it down to its real price, this kind of approach is bad. The market has its fixed price for goods and services, it is now left to the people to fix their own price within the range.

 

[Godslamp]

A business owner needs to first understand the costs involved in production: material, labor, warehousing, machinery, utilities and such. The markup price that is added to the top of production cost is what the company makes in profit.

 

[Godslamp]

A pricing strategy considers factors like competitor actions, market conditions, consumer trends, and other variable costs to account for the pricing model of the goods. Businesses must decide on a pricing strategy before advertising products to customers. For me the cost plus pricing is the best. Cost-plus pricing is a basic strategy that works by considering the total cost of making a product and adding a markup to that to determine the price of a product. A business owner needs to first understand the costs involved in production: material, labor, warehousing, machinery, utilities and such. The markup price that is added to the top of production cost is what the producer makes in profit.

 

[Victor001]

One of the easiest way to attract customers or win customers to your self is through pricing, customers are after products with good brands at affordable price.if they are certain they can get your product at a cheap price and it's quality is fixed,they will help you do the marketing.
Pricing as always been a bait to win customers,the act of pricing is a skill that should not be underated as long as competition in business exist.