Pricing strategies for small businesses

Product pricing refers to the decisions you make to meet your marketing objectives within a certain market. Price is part of the marketing mix which includes place, promotion, product and research. The market size, competition, buyer behaviour, company objectives, and the company’s product portfolio are the main factors that affect the product pricing. Businesses know that product pricing would be a standard part of the product development definition. However, too often they skip over it because it seems too hard to do.

The value of product and service pricing can never be under-stressed. Numerous experts have written articles providing templates on computing the “correct” price for almost all situations. However, the dynamic changes in the industries and markets make setting up the prices difficult. No matter how your product is priced today, there is a good chance that it could be priced much better if only you knew how to do it

An article posted by Gayle Bryant at WAtoday can help you with this important subject of your small business. The article talks about pricing strategies you can use for your own business.

You can check out the full article here: http://www.watoday.com.au/small-business/managing/pricing-strategies-for-small-businesses-20130605-2npk5.html