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One of the most difficult parts of starting up a business is deciding how much to charge consumers for your product or service. The challenge of this comes from the delicate process of avoiding business failure. To make money on a startup business, the owner must generate enough revenue to not only cover the costs of running the business but also to bring in a surplus, which is the business’s profit. No one starts a business to break even! Charging too much or too little causes the product or service to become uncompetitive in the market, and will likely determine whether or not the startup business will fail. Charge too much and the target market may seek out more cost-effective options. Charge too little and the business may not be able to net any profits from sales. Because of this, choosing an initial price point is a decision that plagues many starting business owners.
This course is designed to lead the student through the best practices for pricing products and services for the purposes of establishing an initial market value. In addition, students will learn how to monitor the market for trends, determine when a price adjustment is necessary, and maintain ongoing market research for application to products and services. The first module covers initial considerations, such as the relationship between costs, profits, and pricing, determining the value of the product or service, and at what point in the process a price should be determined. The next two modules outline common pricing methods and address the differences between pricing products and pricing services. There is a separate module for product pricing and one for service pricing. Module four teaches the student about price adjustments, including when to use a marketing strategy versus when to adjust price, and how to increase prices graciously. The fifth and final module introduces future-minded practices, including how to conduct ongoing market research and monitor the future of the market for the product or service in question.
If you’re thinking about starting a business, this course will start you on the path to planning and executing a smart, future-focused price point that will set your business on the path to a workable profit margin.
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