How to set best price for goods and services which you sell to your customers
The entrepreneurs have to consider the following factors inorder to set the best price for the products and services which they sell to their targeted customers inorder to maximize on the profits.
To set the best price then the entrepreneurs or business owners should first know the price at which they purchased the goods and services from the supplier,when they purchase goods and services from suppliers at higher price then they will have to sell the goods and services at higher price to their customers but when they purchase the goods and services at lower price from the suppliers then they will have to sell the goods and services at lower price to the customers.These also means that when entrepreneurs are given large discounts by their suppliers for the goods and services purchased then the entrepreneurs will have to sell the goods and services at lower price to their customers.
The setting of price for the goods and services also depends on the luxuriates,classicist or how fashionable is the products and services which is to be sold to customers.When goods and services to be sold is too classic or too fashionable then the entrepreneurs will have to set higher price for that goods and services because it is unique since customers prefers purchasing unique products,these means that products such as latest fashions or latest motor vehicles etc will cost more because they are unique and still new at the market.
The entrepreneurs can set the price for the goods and services base on the supply's and demand's for the goods and services in the market.The higher the supply for the goods and services at the market then the lower the price will be for that goods and services while the lower the supply for the goods and services while their is higher demand for that goods and services by the customers then the price for that goods and services will be high.When supply for the goods and services is low while demand for that goods and services is low,then the price for the goods and services will also be low.
The entrepreneurs can set the price for the goods and services based on the taxes imposed to those goods and services.When goods and services are highly taxed then the price for those goods and services will also be higher while when they are less taxed then the price for those goods and services will also be lower.
The entrepreneur can set the price for the goods and services based on the geographical location of the business.When the business is located in town or cities then the price for the goods and services will be slightly higher than for those business's located outside the city center.
The entrepreneurs can also set price for the goods and services based on the form of purchase which customers have preferred.Customers will pay less when they purchase goods and services by cash but they will pay more when they purchase goods and services through hire purchase.
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To set the best price then the entrepreneurs or business owners should first know the price at which they purchased the goods and services from the supplier,when they purchase goods and services from suppliers at higher price then they will have to sell the goods and services at higher price to their customers but when they purchase the goods and services at lower price from the suppliers then they will have to sell the goods and services at lower price to the customers.These also means that when entrepreneurs are given large discounts by their suppliers for the goods and services purchased then the entrepreneurs will have to sell the goods and services at lower price to their customers.
The setting of price for the goods and services also depends on the luxuriates,classicist or how fashionable is the products and services which is to be sold to customers.When goods and services to be sold is too classic or too fashionable then the entrepreneurs will have to set higher price for that goods and services because it is unique since customers prefers purchasing unique products,these means that products such as latest fashions or latest motor vehicles etc will cost more because they are unique and still new at the market.
The entrepreneurs can set the price for the goods and services base on the supply's and demand's for the goods and services in the market.The higher the supply for the goods and services at the market then the lower the price will be for that goods and services while the lower the supply for the goods and services while their is higher demand for that goods and services by the customers then the price for that goods and services will be high.When supply for the goods and services is low while demand for that goods and services is low,then the price for the goods and services will also be low.
The entrepreneurs can set the price for the goods and services based on the taxes imposed to those goods and services.When goods and services are highly taxed then the price for those goods and services will also be higher while when they are less taxed then the price for those goods and services will also be lower.
The entrepreneur can set the price for the goods and services based on the geographical location of the business.When the business is located in town or cities then the price for the goods and services will be slightly higher than for those business's located outside the city center.
The entrepreneurs can also set price for the goods and services based on the form of purchase which customers have preferred.Customers will pay less when they purchase goods and services by cash but they will pay more when they purchase goods and services through hire purchase.
Related links
Advertisements
How to effectively advertise goods and services
The correct time when business have to advertise their goods and services
What to consider before advertising your business goods and services
What details should be included when advertising products and services
The correct time when business have to advertise their goods and services
Purchases
Disadvantages of hire purchase to the seller in business
Advantages of hire purchase to the seller in business
Disadvantages of hire purchase to the customers in business
Advantages of hire purchase buying to the customers in business
What is hire purchase in business
Finance
How to finance business's
How to manage finance within the business
Factors to consider before taking business loans
Types of loans
How business's can get loans from the bank easily
How to prevent the business from being bankruptcy
How to make money from all wastes in the business
How to make money in your business
Services which the business can get from bank's
Expenses which entrepreneurs encounters during their business operation
How to invest effectively in business
Types of bank accounts which business's can open from the bank
Customers
What to consider when taking customer order
How businesses can receive feedback from customers
How entrepreneurs can know trust worthy customers
How entrepreneurs cannot mislead customers
How to make customers to purchase goods and services which you are selling
How entrepreneurs can avoid misunderstanding with customers when taking their orders
How customers will easily identify the goods and services which you are selling
How entrepreneurs can attract more customers to their business
How entrepreneurs can treat customer’s well within their businesses
Entrepreneurship
How to be successful in entrepreneurship
How you can sell goods and services cheaply within your business
Expenses which entrepreneurs encounters during their business operation
Factors to consider before starting the business
How to get business ideas
How to display goods/services in the business
How to display goods/services in the business
How to know that your business is performing well
When should entrepreneurs increase price for the goods and services which they sell
How to work comfortably within the business
Types of business records
How to classify business files
How to partition offices within the business
Human resource
How to hire best employees in business organization's
How to motivate employees within business organization's
How to study behaviour of employees within the business
What you should know about your employees
Benefits of having intern workers within your business
What is performance contract in business
What is employee's records and details to be included in employee's records
Steps to be taken before business can hold meeting for their employees
How employees can be active within the business organization's
How to supervise your employees
Ettiquette’s which should be maintained by employees within the business
What is performance contract
Importance of delegation within the business organization's
What is chain of command in business
How office messengers will deliver information's quickly within the business
Discounts
Why business's gives discounts to customers
What is trade discount in business
What is quantity discount in business
What is cash discount in business
What is seasonal discount in business
What is promotional discounts
What is geographical discount
What is accumulative quantity discount in business
What is non-accumulative quantity discount in business
Type of discounts in business
Stocks and Shares
What is IPO(Initial Public Offering) in stock market exchanges
What is stock broker when buying and selling shares
Difference between outstanding shares and treasury stocks at stock exchange
What is guaranteed preference shares when purchasing shares at stock market exchange
What is redeemable shares when purchasing shares at stock market exchange
What is non-convertible shares
What is convertible preference shares when purchasing shares at stock market exchange
What is non-participating preference shares when purchasing shares at stock exchange market
What participating preference shares when purchasing shares at stock exchange market
What is non-cumulative-preference shares when purchasing shares at stock exchange market
What is cumulative preference shares when purchasing shares at stock exchange market
What is preference shares when purchasing shares at stock exchange market
What is ordinary shares when purchasing shares at stock exchange market
Types of preference shares in stock exchange
Types of shares in stock exchange market
What are shares in stock exchange market
Business cleanliness
Types of cleaning facilities which business must have
How employees can maintain good hygiene within business organization's
How to remove dusts from within the business organization's
Effects of dusts within the business organization's
How to wash business toilet thoroughly clean
How the business can have sufficient water
Major functions of water within business organization's
Insurance
What is insurance
What is cover policy
Types of insurance cover which your business should have
What is indemnity
What is deductible when taking insurance policy cover
How to prevent the business from fire
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