Market Brand acknowledge price setting is ultimately the ‘bread and butter’ of your company’s lucrative ambitions. Determining the selling value of a product is a carefully calculated process that requires critical forethought from the manufacturer. Criteria that should be considered when price setting include: the market you’re entering, the real value of your product and your targeted consumer. The appropriate selling value of your product will guarantee recognition, trust and consumption in the marketplace.
The price setting of your product also follows a system of strategies that fluctuate based on a manufacturer’s intentions, the following can be considered:
- Penetration Marketing
- Skimming Strategy
- Premium Pricing
- Economy Pricing
Many factors need to be taken into consideration when determining the selling value of your product, these include manufacturing, distribution costs and marketing budget. The time and effort spent price setting will only better your company’s chances at success and longevity.