Product Pricing Mistakes That Can Cost You
This is often a question asked by business owners and managers. Businesses ultimately want to maximize profit, but the reality is that many owners and managers make pricing decisions based on the need to covers costs, the profit margin they desire, and gut instinct. Although very valid factors to take into consideration, these ideas alone can get you into trouble. Using tools such as pilot programs and demand curve elasticity can help you properly forecast future revenue and develop a winning pricing strategy.