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How to price your product: 5 common strategies - John B. Wilson

John B. Wilson discusses how to price your product: 5 common strategies in this in-depth presentational blog. For more information, please visit JohnBWilson.org!

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How to price your product: 5 common strategies - John B. Wilson

  1. 1. HOW TO PRICE YOUR PRODUCT: 5 COMMON STRATEGIESPresented by John B. Wilson JOHNBWILSON.ORG
  2. 2. Running a business requires a lot of decision making. One of the most important choices any business owner must make involves pricing. There are five major strategies that are commonly used when setting prices. They hold no matter what the product or service is. Introduction
  3. 3. This is a very common method of setting prices. To use cost-plus pricing, simply calculate costs and add a mark- up. Cost-plus pricing is often used in small businesses. Cost-plus pricing
  4. 4. Competitive pricing In this pricing method, sellers look to see what pricing the market will hold. They research the pricing used by competitors and base their rates on that.
  5. 5. Penetration pricing A new business sets prices artificially low when they enter a new market. Once they’ve driven competitors out of business, they raise prices to the level where they are making a profit.
  6. 6. Price skimming In this scenario, businesses set an artificially high price and lower it over time as demand evolves. An example of this is seasonal items like Christmas trees. Pricing them at an oddly high markup during spring and summer months means they can be marketed as discounted during the holiday season.
  7. 7. value pricing Pricing a good or service by value means setting a price based on customers. With value- based pricing, overhead and production costs aren’t taken into account as much as customer beliefs are.
  8. 8. Thank You! FOR MORE INFORMATION PLEASE VISIT JOHNBWILSON.ORG

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