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- To attract customers, compete with competitors, and make a profit, you must set a competitive price for your product. To help you set a price, answer the following questions using a variety of possible prices.
- What is the minimum you need to charge to keep the business solvent and make a reasonable profit?
- What is minimum and maximum price the target group would pay for your services?
- Would your prices be competitive for the target group as compared to the other activities that you have identified as competition?
- Will you have only one price schedule, or will you use various discounts and rates?
- Based on your financial situation and the target group, would you need to change your pricing if the competition were to raise or lower theirs? What kinds of changes could you make in the price if necessary?