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Things to consider before setting the price of a product
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[QUOTE="Sotherefore, post: 260358, member: 27033"] Setting a price for my product will be determined by so many things , most especially the location and also the cost of production because this determines the best price to be sets per a product. In some location with an increase in raw materials for production will have a slight increase in the price of a product than a location in which the raw materials are not expensive. Another thing I will put into consideration will be the percentage I am interested to get at the end of the production. Most business organisation will choose to get 25% of the production price as their profit . In a location with high competition , business owners will always reduce their percentage to 10 or 15 percent of the production price depending on the level of competition . It is also very important for us to research and understand the price other companies are keeping for the same products. [/QUOTE]
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