© 2011 Apptivo Inc.
All rights reserved.
How to Let Your Market Dictate Your Product Price
If a Business has to be profitable the sale price of its goods or services needs to be more than the
cost price.
A price that’s too high will lead to reduced...
More
© 2011 Apptivo Inc.
All rights reserved.
How to Let Your Market Dictate Your Product Price
If a Business has to be profitable the sale price of its goods or services needs to be more than the
cost price.
A price that’s too high will lead to reduced sales.
A price that’s too low will lead to
reduced profits, and consumers that think there’s something wrong with the product.
So what’s
the answer? Let your market dictate your product’s price, that way you will find the optimum
price at which you can make the most revenue.
In other words find out how the price elasticity
of demand affects your product.
This video uses the example of a fish shop and a ferry service
to explain price elasticity of demand and how it can affect volume of sales and revenue.
Watch
this video before you make any changes to your product’s price.
Real World Economics - Elasticity of Demand by Blessed_Hope
Let’s face it – setting the correct price isn’t an easy task.
Even with all the “how to” books and
cou
Less
