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How to set you prices for profitability.

Publication: Making it Work
Publication Date: 10-APR-01 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
When I took Economics 101, I studied the classical supply/demand curves that drive the invisible hand of free markets. All other things being equal, customers purchase more at a lower price. While this principle provides a nice academic model, setting prices in the real marketplace is more complex. Many businesses are leaving profit on the table by ignoring practical pricing principles that are often contrary to academic theory. If you want to increase your margins, try the following approaches to more profitable pricing.

1. Begin by being unique. Copycat business strategies expose you to price competition. To the extent that your customers see your product and service offering as being distinctively different from the competition,...



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