Setting Your Price

Pricing should be based on costs, competitors and research.  Your minimum price should cover direct costs with enough money left over to cover fixed costs.  Then you should compare the minimum price to the prices of competitors that sell the same or a very similar product or service. You should adjust your price accordingly – but never below the minimum. Pricing is a major aspect of your marketing and communication strategy.   It is important that you conduct market research before you make such an important decision.  Remember that increasing your price is more difficult to do than decreasing it.