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As an entrepreneur, first thing you need to decide is your price strategy. Fixing right price for your product or service is major aspect of a marketing program. Considering some basic factors may help you in taking right decision in this direction.
- How do you plan to position your product in the market” If you are planning to market your products through a discount store, you will try to keep your prices lower than your competitors. On the other hand, if your product is an exclusive luxury item, keeping low price tag might hurt your image. The pricing must be consistent with the positioning. People strongly emphasize to the idea that you get what you pay for.
- Do some market research to find out acceptability of your product at a particular price. Work out demand curve at various prices to assess the best price for your product or service.
- Calculate the fixed and variable costs of your product or service. Ensure that your gross margin (price minus cost of goods) sufficiently covers your fixed overhead to get you acceptable profit margin. Many entrepreneurs under-estimate this aspect which gets them into trouble.
- There are other areas to be examined before you decide pricing your product or service. To get detailed information on this topic visit:
When buying a business, it is important to know what to look for, and not to rush into anything. It takes a lot of time and thought to buying a business, and failure to consider these factors may result in harming the business overall. Many people make the mistake of buying the wrong business. It is vital to buy a business that suits your interests, personality, skills and knowledge. Try looking for one that has some sort of relevance to work you have done in the past, or the skills you possess
You must ensure whether the business you are interested in buying is the right business for you and you are confident enough that you can offer what is necessary to make it successful.
Want to know some basic factors to consider when buying a business? Visit http://www.gaebler.com/Factors-to-Consider-When-Buying-a-Business.htm