Remember your blog post in Section 4 about fixed and variables costs in your online store? Now that you have an idea of your costs, what strategy would you use to price your products?
1 Overall product costs- What are my major overheads
2 Overall revenue goals-What profits I wish to make and in what time frame
3 Customer motivations-What do I want my product status to be eg: cost saving vs luxury
4 Value add-What will my value adds be that is different from the product but will add value eg: Superior customer service
5 What is the competitor doing-Making sure my product pricing is on par with competitors however not set to high or to low. I can compare on a number of web sites such as EBay, Framer Trade& Gumtree.
I'm confident that once you read this again you come to read these articles and blogs.
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