Your-Licence-Key-Here How to Price your Product Competitively – Plak Theme demo store
How to Price your Product Competitively

How to Price your Product Competitively

This is a sample blog post

 

Numerous industry leaders agree that pricing your products is part science and part art. The latter includes psychological techniques such as the ‘The Rule of 100,’ ’Bundle Pricing,’ or ‘Charm pricing.’ However, this post will focus more on the scientific part (1st Bonus Tip: After using...

Step 1: Determine the Base Price

 

You’ve got to start somewhere. How do you determine the initial price of your product? Sounds complicated and technical, right? The good news is that there are numerous pricing options at your disposal thanks to decades of learning and thousands of pacesetters to emulate.

The trick lies in knowing which is the best pricing model for your business. Below are 3 of the most common and arguably the most effective pricing model for eCommerce entrepreneurs or ‘brick and motor’ businesses.

1 Time-based/Demand Pricing:

How much are the competitors pricing their products? How much are the consumers willing to pay? Under the market-oriented pricing strategy, you research into your particular industry to determine the product pricing of similar products and services. Depending on your offering, you can either match the competitor’s price, offer a low price, or overprice – depending on the quality, costs, and consumer preferences.

2 Cost-Based Pricing:

In a nutshell, cost-plus pricing involves adding a mark-up (usually a percentage of the break-even) to all your incurred costs. Calculate all the direct and ind...

    Step 2: Tinker with your Pricing

    Always test the waters before you cash in all your chips! This is a mantra that should apply to all businesses and eCommerce stores unless you are an extreme risk taker. In the context of pricing a product, ‘testing the waters’ involves utilizing the microeconomic concept of price elasticity. So, what is price elasticity and how can you use the concept to maximize your profits?

    Simply defined, the price elasticity of demand (PED) measures the responsiveness of consumer demand after a change in price (i.e. PED= % change in Quantity demanded/% change i...

    This is H2 tag

     

    Lorem ipsum dolor sit amet, consectetur adipiscing elit. Pellentesque eget odio massa. Donec luctus sapien ac odio posuere scelerisque. Etiam porttitor pretium quam, eget luctus eros suscipit eget. Nulla enim turpis, laoreet nec pellentesque at, lobortis id mauris. Integer facilisis odio eget nulla volutpat, eget mollis tellus porta. Etiam blandit scelerisque dui vitae varius. Integer volutpat porttitor ex. Mauris convallis porta libero vel facilisis. Praesent elit sapien, dignissim vel dignissim a, feugiat laoreet nunc. Morbi quis nisi eleifend, interdum augue id, bibendum lacus. Aliquam hendrerit molestie nisi non luctus. Suspendisse quis ante quam. Duis lacinia neque eget hendrerit aliquam. Sed finibus leo eget justo vestibulum, in pharetra risus malesuada. Nullam vel egestas urna, dignissim interdum lacus. Curabitur sem est, condimentum vel tincidunt sit amet, tempor id nibh.

    Step 1: Determine the Base Price

     

    Interdum et malesuada fames ac ante ipsum primis in faucibus. Nunc tincidunt bibendum nulla, eu facilisis massa gravida a. Vestibulum eu dictum libero. Morbi imperdiet, quam quis pharetra egestas, massa nisl volutpat leo, vitae tempor nibh mauris sit amet tellus. Integer ligula enim, convallis vitae ex porta, elementum luctus metus. Nulla feugiat mollis velit, a finibus sapien pellentesque at. Aenean quis lorem in orci lobortis laoreet ac accumsan massa.

    1 This is h3 tag:

    Nullam ornare dui eu sem aliquam varius. Mauris pulvinar euismod tortor. Etiam et massa odio. Vivamus ac suscipit velit. Sed et posuere quam. Morbi ut lacus congue, posuere justo a, molestie est. Proin malesuada at nulla eget cursus. Suspendisse pulvinar bibendum lobortis. Suspendisse finibus fermentum leo, a elementum massa viverra at. Ut dictum leo in fermentum elementum. Curabitur congue tortor massa, a rutrum quam dictum ac. Donec at turpis eget nunc placerat pulvinar quis id sapien. In euismod odio sapien.

    2 Cost-Based Pricing:

    Fusce gravida aliquam enim a iaculis. Aliquam dignissim sollicitudin diam, et imperdiet nunc semper eget. Aliquam enim felis, blandit tincidunt dapibus at, rhoncus a turpis. Sed suscipit lobortis diam sed aliquam. Proin scelerisque massa a neque viverra porttitor. Fusce scelerisque diam vitae erat rutrum aliquet. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Ut interdum ultricies augue at dapibus. Fusce id malesuada lectus.

    Step 2: Tinker with your Pricing

    Interdum et malesuada fames ac ante ipsum primis in faucibus. Fusce rutrum, nibh a luctus vestibulum, tortor augue porta nibh, at auctor elit augue vitae nunc. Sed ut ex ligula. Nulla id ultricies turpis, in pellentesque odio. Morbi sagittis erat et nibh faucibus aliquam. Quisque non lobortis turpis, vitae egestas tortor. Nam lobortis ornare felis, nec facilisis ante malesuada et.

    Nullam facilisis tortor eu orci bibendum consequat. In tellus turpis, aliquet laoreet magna eget, bibendum iaculis massa. Sed imperdiet nec justo at sodales. Duis at elementum nisi. Sed sodales metus viverra orci interdum pellentesque. Praesent ultrices lectus in lacinia cursus. Proin at efficitur massa. Suspendisse potenti. Sed ultricies suscipit leo, eu efficitur erat fringilla ac. Ut scelerisque, ipsum non semper mattis, massa neque efficitur est, vel scelerisque quam magna vel ex. Vivamus tristique vel mi rutrum tempor. Nullam pharetra dapibus ex, ut congue nisi pretium vitae. Cras a eros enim. Phasellus ultrices, nulla quis eleifend porta, dui massa tincidunt odio, quis lobortis nunc lorem nec dui. Curabitur commodo cursus ante eu fermentum. Donec placerat lacinia vestibulum.

    This is a sample blog post

     

    Numerous industry leaders agree that pricing your products is part science and part art. The latter includes psychological techniques such as the ‘The Rule of 100,’ ’Bundle Pricing,’ or ‘Charm pricing.’ However, this post will focus more on the scientific part (1st Bonus Tip: After using...

    Step 1: Determine the Base Price

     

    You’ve got to start somewhere. How do you determine the initial price of your product? Sounds complicated and technical, right? The good news is that there are numerous pricing options at your disposal thanks to decades of learning and thousands of pacesetters to emulate.

    The trick lies in knowing which is the best pricing model for your business. Below are 3 of the most common and arguably the most effective pricing model for eCommerce entrepreneurs or ‘brick and motor’ businesses.

    1 Time-based/Demand Pricing:

    How much are the competitors pricing their products? How much are the consumers willing to pay? Under the market-oriented pricing strategy, you research into your particular industry to determine the product pricing of similar products and services. Depending on your offering, you can either match the competitor’s price, offer a low price, or overprice – depending on the quality, costs, and consumer preferences.

    2 Cost-Based Pricing:

    In a nutshell, cost-plus pricing involves adding a mark-up (usually a percentage of the break-even) to all your incurred costs. Calculate all the direct and ind...

      Step 2: Tinker with your Pricing

      Always test the waters before you cash in all your chips! This is a mantra that should apply to all businesses and eCommerce stores unless you are an extreme risk taker. In the context of pricing a product, ‘testing the waters’ involves utilizing the microeconomic concept of price elasticity. So, what is price elasticity and how can you use the concept to maximize your profits?

      Simply defined, the price elasticity of demand (PED) measures the responsiveness of consumer demand after a change in price (i.e. PED= % change in Quantity demanded/% change i...

      This is H2 tag

       

      Lorem ipsum dolor sit amet, consectetur adipiscing elit. Pellentesque eget odio massa. Donec luctus sapien ac odio posuere scelerisque. Etiam porttitor pretium quam, eget luctus eros suscipit eget. Nulla enim turpis, laoreet nec pellentesque at, lobortis id mauris. Integer facilisis odio eget nulla volutpat, eget mollis tellus porta. Etiam blandit scelerisque dui vitae varius. Integer volutpat porttitor ex. Mauris convallis porta libero vel facilisis. Praesent elit sapien, dignissim vel dignissim a, feugiat laoreet nunc. Morbi quis nisi eleifend, interdum augue id, bibendum lacus. Aliquam hendrerit molestie nisi non luctus. Suspendisse quis ante quam. Duis lacinia neque eget hendrerit aliquam. Sed finibus leo eget justo vestibulum, in pharetra risus malesuada. Nullam vel egestas urna, dignissim interdum lacus. Curabitur sem est, condimentum vel tincidunt sit amet, tempor id nibh.

      Step 1: Determine the Base Price

       

      Interdum et malesuada fames ac ante ipsum primis in faucibus. Nunc tincidunt bibendum nulla, eu facilisis massa gravida a. Vestibulum eu dictum libero. Morbi imperdiet, quam quis pharetra egestas, massa nisl volutpat leo, vitae tempor nibh mauris sit amet tellus. Integer ligula enim, convallis vitae ex porta, elementum luctus metus. Nulla feugiat mollis velit, a finibus sapien pellentesque at. Aenean quis lorem in orci lobortis laoreet ac accumsan massa.

      1 This is h3 tag:

      Nullam ornare dui eu sem aliquam varius. Mauris pulvinar euismod tortor. Etiam et massa odio. Vivamus ac suscipit velit. Sed et posuere quam. Morbi ut lacus congue, posuere justo a, molestie est. Proin malesuada at nulla eget cursus. Suspendisse pulvinar bibendum lobortis. Suspendisse finibus fermentum leo, a elementum massa viverra at. Ut dictum leo in fermentum elementum. Curabitur congue tortor massa, a rutrum quam dictum ac. Donec at turpis eget nunc placerat pulvinar quis id sapien. In euismod odio sapien.

      2 Cost-Based Pricing:

      Fusce gravida aliquam enim a iaculis. Aliquam dignissim sollicitudin diam, et imperdiet nunc semper eget. Aliquam enim felis, blandit tincidunt dapibus at, rhoncus a turpis. Sed suscipit lobortis diam sed aliquam. Proin scelerisque massa a neque viverra porttitor. Fusce scelerisque diam vitae erat rutrum aliquet. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Ut interdum ultricies augue at dapibus. Fusce id malesuada lectus.

      Step 2: Tinker with your Pricing

      Interdum et malesuada fames ac ante ipsum primis in faucibus. Fusce rutrum, nibh a luctus vestibulum, tortor augue porta nibh, at auctor elit augue vitae nunc. Sed ut ex ligula. Nulla id ultricies turpis, in pellentesque odio. Morbi sagittis erat et nibh faucibus aliquam. Quisque non lobortis turpis, vitae egestas tortor. Nam lobortis ornare felis, nec facilisis ante malesuada et.

      Nullam facilisis tortor eu orci bibendum consequat. In tellus turpis, aliquet laoreet magna eget, bibendum iaculis massa. Sed imperdiet nec justo at sodales. Duis at elementum nisi. Sed sodales metus viverra orci interdum pellentesque. Praesent ultrices lectus in lacinia cursus. Proin at efficitur massa. Suspendisse potenti. Sed ultricies suscipit leo, eu efficitur erat fringilla ac. Ut scelerisque, ipsum non semper mattis, massa neque efficitur est, vel scelerisque quam magna vel ex. Vivamus tristique vel mi rutrum tempor. Nullam pharetra dapibus ex, ut congue nisi pretium vitae. Cras a eros enim. Phasellus ultrices, nulla quis eleifend porta, dui massa tincidunt odio, quis lobortis nunc lorem nec dui. Curabitur commodo cursus ante eu fermentum. Donec placerat lacinia vestibulum.

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