discuss what factors you will consider to ensure value delivery
Ans) Five factors to consider when pricing your products and services:
1. Costs:
First and foremost you need to be financially informed. Before you
set your pricing, work out the costs involved with running your
business. These include your fixed costs (the expenses that will
come in every month regardless of sales) and your direct costs (the
expenses you incur by producing and delivering your products and
services).
2. Customers:
Know what your customers want from your products and services. Are
they driven by the cheapest price or by the value they receive?
What part does price play in their purchase decision?
Also look at what you are selling, are your current customers buying high-end or low-end products and services? This information will help you determine if your price is right, what level of service or inclusions you should be offering and lastly if you are targeting the right market. It may be that you need to change your market to make your business more profitable.
3. Positioning:
Once you understand your customer, you need to look at your
positioning. Where do you want to be in the marketplace? Do you
want to be the most expensive, luxurious, high-end brand in your
industry, the cheapest, beat it by 10% brand or somewhere in the
middle? Once you have decided, you will start to get an idea of
your ideal pricing.
4. Competitors:
This is one of the key times you can give yourself permission to do
a little competitor snooping. What are they charging for different
products and services? What inclusions and level of service are
they offering for those prices? What customers are they attracting
with their pricing? And how are they positioned in the marketplace?
The answers to these questions will give you an industry benchmark
for your pricing.
5. Profit:
One of the most important questions business owners neglect to ask
themselves is, “How much profit do I want to make?” They tend to
look at what others charge and then pull a figure out of the air to
be competitive without giving consideration to how much profit the
want and need.
While you may be in business for the passion and to add value to the lives of others, you also need to add value to your own. So give careful consideration to what your time is worth.
1. Discuss internal factors and external factors that influence how work is organized 2. Discuss what you believe are the most important responsibilities of a governing board. 3. Why are teams, committees, and other groups needed in HCOs? 4. Which staffing processes do you think are most important? Why? 5. What can managers do to ensure that employees’ rights are not ignored?
1. Discuss internal factors and external factors that influence how work is organized 2. Discuss what you believe are the most important responsibilities of a governing board. 3. Why are teams, committees, and other groups needed in HCOs? 4. Which staffing processes do you think are most important? Why? 5. What can managers do to ensure that employees’ rights are not ignored?
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