What do businesses consider when setting a price for their product

Question

asked Apr 9, 2022 16.4k views

2 Answers

Sbi · Answer 1 · 2022-04-11T07:22:57+0000

They consider how much profit they will get versus how much they are paying to get the product. Also other companies prices on similar items.

Justan · Answer 2 · 2022-04-13T12:11:55+0000

Answer

There are several factors a business needs to consider in setting a price

Step-by-step explanation:

Competitors – a huge impact on pricing decisions. The state of the market for the product – if there is a high demand for the product, but a shortage of supply, then the business can put prices up.

What do businesses consider when setting a price for their product

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