price setting

Price setting is the process businesses use to determine how much to charge for their products or services. It involves considering factors like production costs, market demand, competitors' prices, and the value perceived by customers. The goal is to find a price that covers costs, attracts customers, and ensures profitability. Effective pricing strategies can influence sales volume and overall business success. Businesses regularly review and adjust prices based on changes in costs, market conditions, and customer feedback to stay competitive and achieve their financial objectives.