What to consider when setting your prices

06/24/2013 | Entrepreneur online

Market surveys and focus groups can help you figure out what customers would pay for your service or product, says author Mark Stiving. "If the customer is willing to pay $1,000 for a product that costs you $10 or even $100 to make, you have a successful product," he said. "If the customer is willing to pay $1,000 for something that costs $1,000 to make, you don't raise your price -- you get out of that business." Also worth considering is what type of customer you want to target, how your competitors are pricing their products and what value you are offering, experts say.

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