For entrepreneurs, pricing is crucial because it affects the business model, customer acquisition, and long-term sustainability. An appropriate pricing strategy helps in:
Maximizing Revenue: By setting the right price, entrepreneurs can optimize their earnings from each sale. Market Penetration: Competitive pricing can help attract and retain customers, thereby increasing market share. Value Perception: Price often serves as an indicator of quality. Correct pricing can enhance the perceived value of the product or service. Profitability: Sustainable pricing ensures that the business covers its costs and achieves a profit margin.