The important thing to remember is that our mission here is to provide a product or service that can gain a competitive edge in the market, but you still want to achieve a profit margin.
This can be daunting; to ensure profits, you might set the price too high and scare away potential customers. So why not choose a lower price? Well, you might seriously damage your profits and sales volume. Or, in the best case scenario, you might attract the wrong customers.
Indeed, there are many things to consider.
But a common pricing strategy is to conduct a competitive pricing analysis. This is an effective way that can be used by all industry enterprises to set prices.
