Fair Pricing Model

The Fair Pricing Model is a concept used to determine the price of products or services based on their value and the costs incurred to produce them. It aims to create a balance between what customers are willing to pay and what businesses need to charge to cover expenses and make a profit. This model takes into account factors like production costs, competition, market demand, and perceived value. By using this approach, businesses strive to ensure that prices are neither too high, which can deter customers, nor too low, which can erode profits.