Price is usually a key determinant of demand and is the most critical component to maximizing your revenue. Therefore, carefully thinking about your Pricing Strategy is important as this would have an impact on the demand for your products.
With a poor pricing strategy, you will be missing out on profits in every transaction that you make.
We recommend you explore our guide on Pricing Strategies in MikesBikes and how to apply them.
These methods need to be in line with the overall marketing strategy. In addition, the retail price should be set by having regard for the price sensitivity of consumers and the prices of competitive products. This can be found in the Market Research Report.
For a detailed guide on how to set the retail price effectively, check out our article on How to Set Retail Price in MikesBikes Introduction and MikesBikes Advanced.