The prices you charge for your products (or services) greatly affects your company’s growth, and ultimately profit. Pricing impacts your image – it will lure some customers to your business and drive others away. Pricing is inter-dependent on several factors: Your Market – not only geographically, but also product type Your Competition – upscale specialty stores have a different strategy than discount retailers Your Costs – a certain percentage mark-up may not work if you’re selling more in quantity without changes in overhead There are many variables to consider when setting a price, and it must be adjusted as times change. You have to remember the standard economic formula of Supply = Demand. You can charge whatever price the market will bear. That sounds like a very obvious statement and one that is difficult to achieve. Let’s see if we can think about this and make it clear. Let’s use …more
Tag: Perception
Every Startup Needs a Great Name
I’ve started working on my idea for the StartupBus project and I need to find the perfect name. The StartupBus is a great name and lends itself to add geographic subnames for each bus in the national competion. (I’m on StartupBusMiami, if you forgot!) Always one to start with …more
Study the Great CEOs
Maybe it’s because I lived in NYC for so many years, but my favorite CEO is Donald Trump. I’ve followed Donald’s business adventures for years. Heck, I remember when he was married to Ivana! One thing I like is the fact that he’s been both wildly successful and totally bankrupt. …more
