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Pinpoint Pricing Problems
PRICING IS not a strategy for gaining a sustainable compet- itive advantage. Competitors will always be close behind in matching your price or beating your offer with a better sale, product or service. Pricing, however, is a crucial component in the success of your business. With the correct pricing struc- ture, you will keep customers happy. Charging too much will turn business away, while too deep of a discount could hurt your bottom line. Entrepreneur. com columnist, Lisa Girard, of- fers some advice on recognizing a faulty pricing structure, with the following signs that indi- cate you may need to make a change. 1) Competitors are charg-
ing more for inferior products. Lowering prices to beat out a well known competitor always seems to be the fi rst strategy when opening up a new busi- ness, or possibly a fall back for those retailers experiencing sluggish sales. While consum- ers would love to purchase your products for next to nothing, you have to ask yourself how such a strategy will keep you in business. Is there really a need to drastically lower prices? The products or services you sup- ply are the only thing that will set your business apart from
continued on page 108 Ph: 323-780-6029 All Direct Imports – We Pass The Savings On To You!
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