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📣How to set the price of the product

📣How to set the price of the product: How to set the price of the product to make profit and not lose

“Pricing” is one of the most important processes when you produce a product. Because this process involves revenue coming into your business. But believe it or not, the process of setting prices is what drives many entrepreneurs to the edge of ignorance or carelessness in setting prices. From instead of producing products for sale and then gaining profits, they must be in a state of unknowing loss from sales, in which there are many factors that are used in making decisions. Whether it's a matter of adding up from the cost price, comparing prices with competitors, setting online prices to suit the target audience. including looking at the current market situation This will enable entrepreneurs to set the price of the product correctly and appropriately so that the operator will set the price of their product correctly. In this article, we have some good advice for you.

🔹 What is the selling price?

Product pricing is to set the price of a product to sell to customers. where the price of the product must be appropriate is a price that customers can tangible not too expensive And it is a price that covers the costs or expenses of the business, which will make the business profitable and survive. Also, the pricing is good. It also has the effect of attracting the attention of customers. And it helps customers to make decisions to buy products or services more easily as well.

🔹 Pricing principles that must be considered before considering the selling price

- Product pricing must take into account the cost of the product or service. To be able to set a price that covers the cost of different parts.

- In setting the price of the product, take into account the profit that the business wants or expects. to be added to the product price

- Product pricing must study the market price of each product. to compare and find the right price between us and our competitors

- Setting a product price requires researching the price that the target customer is willing to pay. To be able to set a price that is really suitable for the target audience.

- Product pricing must take into account the distinctive features of the product. To be used to add value and enable higher prices.

🔹 Preliminary selling price formula

1. Cost

There are many forms of production costs in the production of products. You may not be able to account for one cost alone, regardless of the other costs. The actual costs that you will need to calculate are as follows.

2. Raw materials

It is the cost that is the main cost in producing the product for sale. But still, the cost of raw materials is not the real cost that you will think about. Because the actual cost of producing the product still has other details.

3. Administration

Administration is another expense that is considered a part of the cost as well. Expenses in this section are expenses related to the operation of the business, whether it is administrative expenses. Location rental, water, electricity, shipping costs You need to take this cost into account in detail and add it to the initial material cost as well.

4. Marketing

Marketing is an expense that people tend to forget. The cost in this area is the cost associated with advertising or public relations to make the product and brand known. whether it is marketing in online or offline The costs in this section will be calculated in detail and included in the cost of the first two parts as well.

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