Factors that determine pricing
Factors that determine prices
1. Cost: The cost of production is always considered before any company fixes the price of its products.
2. Ability to pay: When a company determines the price of its product, the ability of the customers in the target market to pay that price is also considered, judging by the level of their income.
3. Competition: Companies consider the price of competing products before fixing their prices.
Design a product and determine it’s price