Thursday, November 29, 2007

How to: Retail Pricing

Here are more articles that I've come across during my research. Great reads on setting up prices in a retail environment.

Pricing and Small Retailers: Questions to Consider (6-Part Series)
"In this article, we begin with several questions for you to consider. When you address these questions for your firm, always ask yourself the rationable behind your answers: 1-Do you have an overall pricing philosophy? What is it? 2-What are the characteristics of the people who shop..." more

Start-up Nation
"Use informal focus groups, testing and even your own experiences as a consumer to figure out what might go through the minds of customers as they consider your prices. There’s a sound psychological reason..." more

The Price is Right, or Is It? Determining the Impact of Price on Sales
"Fisher notes that people tend to separate pricing into markdown pricing and regular pricing. Much of the world’s economy is transacted in markdown pricing; indeed, department stores may sell more than half their volume at..." more

Perception Of Value
"It's a common fallacy that people buy based on price. Well some do, but most people buy based on value or rather their perception of value. Many small business owners begin their business life with the thought that they will enter their market and simply offer what they have at a slightly lower price and all will be good. In truth it's not the best or even a good idea. Unless your last name is Walton and you're an heir to the Wal-Mart throne..." more

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