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Pricing Your Product or Service
7. Flexible Pricing
7.1 Should you use different margins for different items, as department stores do?
- You may want higher margins on products with low unit costs or slow turnover, and on products that take up a lot of space.
7.2 Is demand seasonal?
- It costs more to go on holiday in the summer and over Christmas than in March.
7.3 Will some customers pay a premium? This strategy can be extremely profitable.
- For example, a plumber may offer low daytime prices (to ensure a full workload), but charge heavily for emergency call-outs (when customers will pay much more).
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