Correctly pricing your product or service starts by determining the market price—the current price your product or service can be bought or sold. An economics professor will tell you the forces of supply and demand influence market price.
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A price strategy is every bit as important as what you’ve got to sell. After all, they dictate what you will charge for the goods and services you have on the market. In the end, getting these pricing strategies right is a bit of a balancing act. You’ll need to find that sweet spot between market demand and maximum profits.
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