Alright, alright, let’s get down to business! Today we’re gonna talk about pricing your product – or as I like to call it, the art of making moolah without scaring away customers. Get ready to make it rain (in a good way) with your new pricing strategy!

Price is Part of Your Marketing Mix

Greetings budding entrepreneurs! Today’s lesson is all about one of the most important components of your marketing strategy: price.

As a business owner, setting the right price for your product or service can make all the difference between success and failure. In this lesson, we’ll explore the various pricing strategies and tactics that businesses use to maximize profits while still delivering value to their customers. We’ll also look at real-world examples of companies that have gotten their pricing right (and wrong!), and discuss how you can apply these lessons to your own business. So, get ready to dive into the wonderful world of pricing!

Use AI to Explore Pricing Strategies

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Team Task Questions: Discuss and Answer Together

1. What do competitors charge, and how can we differentiate the product based on pricing?
   • Find three similar products. What do they cost?
2. What is the cost of producing and distributing product, and what is the desired profit margin?
3. What pricing model are you going to use?
4. What are we going to charge for out item?
   • Remember that if you are not doing direct sales, the price you are charging should be 50% of what the price the consumer will pay!