Quote from: kotajikikox on Today at 03:22:32 PM

1) Value based pricing. Basically a product is priced based on the percepted value of the product by the people. This allows for more profit since sellers can offer higher prices. Higher percepted value means maybe the business is credible and has some associated value to it for example Apple products. You can argue they can be a bit cheaper purpose wise but since they are a big name, they can afford to price massively.

value base pricing usually takes time to achieve. for it to be achieved it needs time, dedication, focus and consistency, determination and overall capital. first you must build a brand. how does this happens? it happens by proving to the masses the need for using your product or how important it is to use your product, and that will come with several reasons. sometimes you need your product to be used and advertised by some public figure like the music stars, footballers etc. and that will automatically make your brand be known by many. just as this popular products GUCCI, PRADA and GIVENCHY is used by this top artist. so this makes this product superb that even when the fake one is duplicated, it can still be bought high without the knowing of the person who bought it since they cant tell the difference.

Quote from: kotajikikox on Today at 03:22:32 PM

2) Competition based pricing. This will be helpful for sellers who are wanting to break through a market. If a market is highly competitive, you might want to sell your goods for a lower price to attract more customers to you. It can help you get customers but you might not be able to get as much profit due to low pricing.

in this category you may sell low to attract customers at first and later you can gradually increase your price to make profit. but if after increasing your price an they refuse to buy then you must look for product needed most in that environment that no one is selling and add to your business. by so doing you have attracted more customer to yourself and people will always have reason why they will buy from you because you have all they need.