Lowest price of any product is the price that is set at the minimum without undergoing any loss by either the businessmen or the customers. Before you fix the lowest prices, you should research on factors like what to sell, how to sell and whom to sell. After these factors are decided you should fix the prices of the products and services that you want to sell.
How to win a price war?
A close research on Economics suggests that price is the result of demand and supply. The market will always settle on a certain amount. The wholesalers and retailers will start fixing their own prices depending upon the equilibrium of the market price. If you can be one of those wholesalers or retailers, fixing your prices at the lowest then you can be assured of huge profits.
Traditionally there are three ways to set the price for a product:
– Standard Markup always adding the same percentage markup to the cost of products [i.e. cost plus50%]
– Competitive Parity charging the same price or average price of the competition
– Zero-based pricing receiving a small margin per item with high volume of sales
You should fix your price...
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