• Cost
It is the first one you need to consider before putting a price for something you buy it is cold costing. You must compute how much is the total expense that you cater on doing the product. You can add everything, like materials, labor, and utilities. After you compute all the expenses it will serves as your guide on putting price on your product. You can put some mark-up, mark on, and if your product didn’t sell for a long period of time you can sell it as a production cost just to return the expenses that you spent.
• Consumers
You need to know your target market defending on their social class. If you want to sell products that are for higher class family you can put some high amount of price but make sure that the quality of the product is fit to their price. If you don’t considerate the importance of the consumers maybe you can’t have your sale. The selling power of a product depends to the ability of the consumer to buy.
• Competitors
Competitors should be considered as well in putting some price. In order to have a healthy competition you must have consider the price of your competitor. You don’t have to put some large amount because no one will buy to you, you don’t have to sell your product in very cheap amount because you can have a loss. If you are just a beginner with lots of competitors you should price your product depends on your competitor’s price. You can price it lesser than your competitor but not too much, maybe in a reasonable price range only.
• Company’s marketing objective
The price also depends on your goals and objective. If you think that your performance is good and has a change in the quality of the product you can increase the price. If you think that you don’t attract lots of customers you can decrease your price depending to the strategy that your company has.
• Control of the government
Price varies to the suggested retail price of the government. This retail price is check and studied with consideration of both consumer and seller. As per the government this Suggested retail price is fair with both sides if you don’t follow this rule you can be sued. This SRP is also aim to maintain the healthy competition between sellers and give them some guide on how to sell their product in a reasonable price.
• Discount & allowances
It is still appropriate because we can give discounts in salon, massage parlor if that customer is loyal to you, we can give loyalty card with a discount that is reasonable in both sides.
• Discriminatory pricing
I can give also discount especially when home service. The customer that is near is cheaper than the customer that is more than kilometer farther in our shop.
Everyday low pricing is a strategy that focuses on maintaining a low price on products and services rather than offering promotions or discounts on certain products or services. This strategy is beneficial to both the customers and the business because it provides a consistent, stable level of price that customers can rely on and the business can plan more accurately and effectively. This price consistency also helps to build customer loyalty and trust, as customers will know exactly what they can expect to pay every time. Additionally, businesses that use this pricing strategy can reduce their overhead costs, since they don't need to spend money on advertising and promotions. Finally, this strategy can help businesses compete more effectively in the marketplace, since they can offer a consistent and competitive price without having to invest in marketing campaigns. More details on the link https://priceva.com/blog/everyday-low-pricing. Hope it was helpful!