Pricing is not a set-and-forget decision. Market conditions, costs, and customer preferences change over time. Entrepreneurs should:
Monitor Competitors: Stay informed about competitors' pricing and adjust accordingly. Gather Feedback: Regularly seek customer feedback to understand their perception of value and price sensitivity. Analyze Sales Data: Use data analytics to identify trends and optimize pricing strategies. Test and Iterate: Experiment with different pricing strategies and measure their impact on sales and profitability.