There are a lot of things to consider for pricing items or services, for instance, the worthy competitors’ prices, the feasibility for your business in the long run, and the consumers’ willingness to pay for your item or service. Well if you think about it, you really don’t want to lose money on items not sold (these are the stocks that gather dust on the shelves) which have no chance of really being sold.
So when it comes to pricing, you should keep all these in mind. Also, selling more at a low price doesn’t necessarily mean you’re doing well profit-wise. I read an article that said otherwise, and the businessman ended up only breaking even. You wouldn’t want that would you? After all the effort you end up where you were at the very start. What’s the point of your business then? Certain schemes on the Internet promise you tips on how to effectively list and appraise your stuff, with more of them turning up to be scams and other whatnot.
There are theories in economics which delve into the phenomenon that is pricing. Consulting economics books would definitely help you in this endeavor. With concepts that include effective … Read the rest