Pricing

The prices you charge for your products can have a dramatic effect on sales and profits.

Setting your prices too high can reduce sales abruptly, while undercharging can devastate your profits. The logic is simple. Your optimum price is one that gives the largest total when you multiply your margin by the number of sales you can achieve. But making sense of that, in relation to the costs you pay out and the markets you serve, is a key issue for every business. This briefing covers:

• Understanding the market and how your product fits in.
• Deciding on a pricing strategy.
• Pricing tactics.
• How to increase prices.