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Business in a Box

In: Business and Management

Submitted By aulta
Words 397
Pages 2
PRICE SETTING Worksheet

Things to Take in Consideration When Setting Price|
You should consider setting prices above your competitor’s prices if…|Yes|No|?|
Your market is not sensitive to price changes.||||
Your market consists mainly of growing commercial customers.||||
Your product is an integral part of an established system.||||
Your reputation for status, service, and other positive perceptions in the market increases your products’ perceived value.||||
Your customers can easily build your price into their selling price.||||
Your product is only a tiny percentage of your customers’ total costs.||||
You should consider setting your prices just below your competition if…|
Your market is very sensitive to price changes.||||
Your customers need to reorder parts or supplies.||||
Your business is small enough that a lower price will not threaten your larger competitors and start a price war.||||
You have the option of economical production runs which decrease your unit cost.||||
You have not reached full production capacity.||||
Estimating Demand|
1. Which products/services do customers shop around for?|
2. Which products/services are in greater demand even at higher prices?|
3. Are certain products/services in greater demand at one time of the year than another? If so, which? And what is the duration of the demand?|
4. Do your customers expect a certain price range?|
5. What is the balance between price and quality in your market?|
The Competition|
1. What are your competitors’ pricing strategies?|
2. Are your prices based on an average gross margin consistent with your competition’s?|
3. Is your policy to sell consistently at a higher price, lower price, or the same price as your competitors? Why?|
4. How do competitors respond to your prices?|
Pricing and Market Share|
1. What is your present market share?|
2. What are your…...

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