Suzuki Indo Business

Most business people readily accept positive financial outcomes as business benefits. These are easy to measure in terms such as cost savings, revenue growth, cash inflows, or increased profits.

You are here: Home - Management - August 2017


Monthly Archives: August 2017

Importance Of Incident Management System

Incident management software is quickly becoming a vital tool in the area of incident management. Incident management covers the possibility of any unexpected disasters that may manifest within an organization. The main aim of incident management is to identify, analyse and correct any potential hazards. Once a proper incident management program is put in place then any incidents that occur should be addressed with the correct course of action. For example if a fire were to envelope part of any building used by an organization then the measures that were developed to deal with this possibility will be deployed. This would naturally entail informing a Incident Response Team that will perform the necessary procedures that were designated in accordance with particular guidelines. Incident Management will also include post-incident analysis which will try to determine what caused the catastrophe to occur especially in cases where there was an instituted set of precautions and regulations. This post-analysis information is then used to adjust and modify the previous policies to decrease the possibility of a repeat occurrence. Essentially incident management is significant in an organization as it aims to restore the company to a state of operation after any major or minor happening. With the right program in place an organization does not need to experience losing hours, days or weeks of productivity.

Incident Management may be broken down into six categories.

*Detection and recording of incident
*Classification and First Response
*Investigation and Analysis
*Resolution of Incident and recovery
*Incident closure
*Ownership, monitoring, tracking, and communication

There are various types of incident management software that are developed for use in different incident management scenarios. Therefore, each company’s needs must be identified before software is purchased. The software can be tailored to fit each organization’s need. For larger organizations more comprehensive systems should be utilized to cover all areas. This type of software will normally include: incident mapping which will create custom made maps that will be available to internal and external personnel who may require this information and incident analysis which gathers information to pinpoint particular trends including criminal activity, accident locations and general traffic situation which is vital to both prevention and response programs.

Finding the right incident management software is essential because it will make dealing with any minor or major catastrophe more manageable. No company or organization should sidestep implementing a program that is reliable and suited to its needs.

How You Can Be Among The 20% Of Automotive Dealerships Who Survive The Current Economic Crisis

For most dealerships, times are hard. The leads have slowed down, the obstacles of financing should qualify as an Olympic sport and advertising just doesnt work like it used to.

And the truth is that many dealers are going under. Theres going to be a lot of casualties after this one.your store included.

OR maybe not.

This current financial crisis may really be your best blessing as a small business owner.

Sounds crazy, however heres the deal.

Many dealers are going out of business. No doubt. Its already happening. Your job is to be sure its somebody elses business going under not yours. And there are very real ways to do this, if youre really serious about being among the 20% of dealers who will survive the storm.

Im going to give you some cold, hard stats and ways to aid you in simply a moment, but let me begin by saying that if you dont have the correct systems or processes in place, work them out now. If you have personality conflicts, deal with them today. If you dont have a system for staying in touch with past customers and unconverted leads, get one.

If you dont have a crystal clear answer to the query, “Why should somebody choose me over other dealers?” figure it out this weekend. If you dont have a predictable way to get new clients into the door, at will, now is the time to do something about it. If you have floor plan issues or problems with your lenders, it’s better to sort it out this month than next.

Why?

It all comes back to the timeless 80/20 rule, also known as the Pareto Principle.

If youre not acquainted with the Pareto Principle, this rule dictates that 20% of dealerships naturally get 80% of the business. In different words, the 20% of dealers who can survive this current economic storm will do so because they make 16 times as much as those in the 80%.

And because of this capability to earn additional capital, when the market does come back (which it invariably will), theyll be larger and higher than ever, readily positioned to eat up new shares of the auto market.

That may mean more dealers go out of business once more-but it wont affect you if youre among the 20%.

So what can you do to make sure your dealership quickly and easily ends up among the 20% if youre already in, or teetering towards the 80% category?

Well heres what dealers in the 20% group do, and what youll need to do if you plan to survive:

1. Theyre sharpening their axe to make sure the dealership runs smoothly
2. Theyre going through extra lengths to make sure the staff is well skilled
3. Theyre getting a dense hold on the marketing engine that will drive their business over the following few years

And most importantly, they wont panic or talk themselves into defeat. They know individuals will still buy cars. Just not as many. They also know theres going to be less deals to go around and theyll do what it takes to safeguard that business.

Now, what happens if things get real unhealthy, and unemployment rises to 15% or a lot more? Well if youre in the 80%, you’ll be forced to lay off and you wont have the required sustain employees to run your store.

BUT, if youre in the 20%, 15% unemployment rates mean youll have the pick of the litter of who you would like to work at your store. It means that youll have the cash to dismiss your deadbeats and riff-raff and be ready to replace them with competent, skilled, hard working folks in an instant.

Therefore high unemployment rates can be a good thingif youre in the right group.

The 20% group will see these hard times as an opportunity.

Smart people (those in the 20%) know that now, and the months ahead are prime time to invest in stock, real estate, human capital, marketing, inventory — and theyll be the ones who really rake it in when the market comes back.

Thus where can you fall as it relates to the 80/20 rule?

Heres something else that we know for sure

1. 80% of the individuals reading this can create solely 20% of the results they have to be successful (harsh, however true)
2. But 20% of the dealers reading can create 80% or more of the results they need to make itand make it huge!

A small percentage of the dealers reading this right now are prepared to make marvelous progresses in the coming months, whereas the rest are destined to mediocrity.

Now here’s where things get really crucial. The eighty/twenty rule repeats itself, infinitely. Which means the top 20% splits itself into eighty/twenty. Thus theres the top 4%.

Then it happens again. 20% of the top 20% of the top 20% — the top 0.8%. Thats where you really need to be. If we didnt already challenge you enough to be within the top twentyif you REALLY want to come out ahead, try to become a top 0.8% person.

Let’s take a closer look at the .8% person:

Each decision is carefully made by a 0.8% person because its way more important than a decision made by an 80% person.

A 0.8% person knows a way to focus and slim their labors on those things that are actually crucial. Even though he might have a list of 43 things to do, hell hone in on the three or four that are more important than all the others combined. But the 80% people treat all things as if theyre the same, or worse, work on the forty less crucial tasks before they tackle the three or 4 that really matter! They have no sense of priority and hence they “busy work” themselves out of survival.

The 0.8% person carefully discriminates what information he will allow into his mindwhat he reads, listens to, or watches on TV who he surrounds himself with. The 80% people are “open minded” and “tolerant” to just about anyone or any idea.

The 0.8% people belongs to some kind of mastermind or “good ol boys” club. This can be the sort of group that can support, hold up, and go the extra mile for its members. And most of the 0.8% folks pay BIG money to be in these clubs! However again, unlike the 80% who would see it as a waste, they understand the worth and that some of the most brilliant men of all time, (i.e. Carnegie, Henry Ford, Ben Franklin) all participated in the same.

The 0.8% person is perfectly immune to disapproval from othersdoesnt care what most folks think is not affected by pessimism on the news, from neighbors or family members. He realizes that the mass of humanity is nearly always pathetically wrong. The 80% folkswell, theyre the masses.

So, friend, whats it gonna be for you? 80%, 20%, 4%, 0.8%? Your actions now will finally determine your fate of your future. So choose the winning team and start down the road to success-even in these tough financial times!

Forum Marketing Strategy Benefits To Online Business Community Veterans

The full advantages of forum marketing strategy are mostly enjoyed by forum veterans. This are people how have over a long period of time gained credibility and positive online image. They are individuals how have proved their savvy by sharing their experience and expertise in a tactful and consistent manner. It is for this reason that forum marketing is considered a crucial long term online marketing arsenal.

What happens mostly is that these forum veterans, with the express permission of business community moderators are allowed to initiate intensive advertising campaigns. Proper forum marketing strategy advocates that, you seize this opportunity to add value to the forum business community. A good approach would be to offer community members special price cuts on products, free sampling of products and services or start fun promotion contests.

When it comes to forum marketing strategy, it is imperative to avoid spamming. Outsourcing for online marketing firms can lead to them using inexperienced staff to send spam to online forums. Therefore, if you have to outsource for this service do your research well and only work with credible organizations with a proven track record.

Some may argue that spamming business communities helps generate traffic. This may be true to some extent but in the long run it will only contribute to you seriously denting your online image thus people shunning your marketing campaigns. It is undeniable that forum marketing strategy is more about building a good online reputation which in turn results to generating free business sales leads.

The best approach to online marketing is building a good online image thus gain credibility. This will sure take time before to begining cashing in but it is worth you effort in the long run. Getting online business sales leads is not a one day affair but a continues process until you become an expert.

To study more insightful forum internet marketing strategies click the links below.

Marketing Organic Fertilizer

Once a specialty product purchased by a select few farmers and hobby gardeners, organic fertilizers have now become a common sight in virtually every garden center. With so much competition on the market, organic fertilizer manufacturers and dealers are looking at new ways to market their products and increase their sales.

Like all wise marketers, organic fertilizer distributors have learned that the best way to sell their product by combining loads of information with interesting displays and well-planned advertising campaigns. Cross-merchandising and educational marketing are two of the best sales strategies any organic fertilizer manufacturer can put into play.

Many organic fertilizer shops and garden centers rely on product displays to increase their sales bracket. The strategy in play consists of catching the consumer’s attention by placing entire product lines in one expansive display. Other suppliers will scatter displays throughout the store to increase product presence and encourage people to buy. Another popular sales strategy is the careful placement of organic fertilizer products amid the plant department. For example, you might see a potted rosebush with a small display of organic fertilizers next to it. In doing so, the shopkeeper indicates that the fertilizer will indeed encourage flowers to bloom.

Organic fertilizers are typically differentiated by their N-P-K formulations. A variance in these formulations helps to determine the specific area of use the product is most suited, whether it be fruits and vegetables, flowers, lawn care or turf grass. For example, organic fertilizers with N-P-K formulations of 6-2-2 carry a high Nitrogen content, and are best suited for lawn grass. By advertising this fact, organic fertilizer dealers are able to educate their customers and ultimately increase their bottom line.

The colours and packaging materials used can also be used to create a good sales strategy. More and more organic fertilizer manufacturers have repackaged their products, choosing to use plastic instead of brown paper in an effort to improve their sales. Organic fertilizers wrapped in bright resealable plastic bags and plastic containers are certainly much more attractive, and catch the attention of more shoppers. Sharp, eye-catching floral photography on organic fertilizer bags will also attract consumers, luring them with the notion that their flowers will look every bit as beautiful if they use this particular product.

Another important part of the marketing plan is advertising. With a successful ad campaign in magazines, newspapers, radio or television, the supplier can increase sales, and the manufacturer can increase productivity. Also important in the advertising process is consumer education. Telling potential buyers what the product is, and how it is used, will also help to increase sales. Consumers generally prefer not to purchase products that they have little or no knowledge about. Organic fertilizer producers and marketers are advised to offer informative packaging, giving shoppers the chance to learn more before they buy.

In 2002, many organic fertilizer manufacturers reported an increase in their sales. For example, the Scott’s Company reported a twenty percent increase in retail sales of its organic fertilizers and lawn plant food products. According to vice-president of lawn marketing Gordon Hecker, the Scott’s Company was able to achieve this boost in sales without making any changes to their organic fertilizers products. The increase came about due to marketing strategy and improved in-store material display.

Green Light is another organic fertilizer manufacturer that experienced double-digit increases in their sales. The company, based in San Antonio, Texas, has concentrated on marketing their specialty organic fertilizers and plant foods with all-weather displays and plastic packaging.

The trick to making a profit in organic fertilizer sales is really no trick at all. Just apply the basic rules or marketing, and watch your sales grow.

Is The Custom Motorcycle Industry Dead

When Jesse James and his West Coast Choppers first appeared on the Discovery channel the world got a small taste of what custom motorcycles were all about. The economy was good and many men started to dream about having their own custom motorcycle. Of course many of them being upper middle class soccer dads thought the biker lifestyle as portrayed by the great Jesse was a little too scary for them.

Then the Teutels came along. American Chopper struck a chord with men that Jesse failed to do. It made them spend money. Suddenly every man in American over thirty wanted a custom motorcycle. And those that had the money bought them up in droves. Custom bike shops sprang up in almost every small town in the country and many a custom motorcycle builder thought they had hit pay dirt.

Even people who really didn’t plan on buying a custom motorcycle ended up buying a bike because we got caught up in the phenomenon that was American Chopper. Five motorcycles later and two custom motorcycle builds under my belt, I can honestly say that if custom bikes had not been all over the TV I probably wouldn’t have a garage full of them now. The country just went nuts over custom motorcycles.

Doctors and lawyers gladly shelled out for $30,000 bikes so they could join the custom motorcycle fad. Along the way a few production custom motorcycle companies went into business and made their fortunes in a very quick time. If you had the money and wanted a cool bike without the worries about getting parts and such, the production chopper fit the bill. Many of these fad riders actually turned into true motorcyclists, myself included, but that’s where the trouble began.

If you’ve ever ridden a custom motorcycle you’re well aware that these things are great for bar hopping and to parade around at your local bike night but as a full time rides they just don’t work. Trust me I know; after a 400 mile ride to Niagara falls I quickly realized that have a low long custom bike wasn’t what I wanted to ride on long trips. And many other new riders learned the same lesson. As sales of touring models soared the custom motorcycle industry started to hear the death knell that was around the corner. Then tragedy struck the motorcycle industry in general.

As the US economy fell demand for custom bikes fell with it. Many newcomers to the bike building business whom had lucked into a full time carreer out of a hobby soon discovered that when only real bike riders wanted custom bikes built, only hardcore established custom motorcycle shops got the business. Even the well know OCC felt the pinch as their once coveted theme bikes became a low priority for corporations who were now on a budget.

Watchers of the show watched as Paul Teutel Sr had to lay off a bunch of workers and fans could only wonder if their new building was ill timed. The custom motorcycle fad was over.

So what does all this mean for the custom motocycle business in general. Is it dead? Hardly. It’s way bigger than before than fad started. A lot of upstart companies have managed to survive because they created a good product. Some production chopper companies have fallen by the wayside. But the most importan thing, to me is that motorcycling in general has finally become main stream. In spite of a tumbling economy and HD in financial trouble more people are riding motorcycles now then ever before. And that means more people will be customizing them also.

It’s a rare sight to see a motorcycle that hasn’t been customized in one form or another and I confidently predict that after this economy bounces back the custom motorcycle industry and custom motorcycle parts industries will flourish. How do I know all this? Because in spite of lagging sales and the passing of the custom motorcycle fad , websites about Custom Motorcycles are busier than ever. People may not be spending money right now but they’re doing something almost as important. They’re making their bike parts wish lists and in some case determining who they are going to get to build their custom dream bike when things turn around. Which they will.

Take heart my friends, the custom motorcycle industry is not dead, just taking a much needed siesta.

How Much Do Senior Portraits Cost

If theres one question nearly everyone asks this is it. How much do senior portraits cost? The trite, sarcastic answer would be, If you really like pictures and youre going to miss your son or daughter like crazy when they go off to college, senior portrait are cheap. If you never take pictures yourself and you for-see your child living in your basement until theyre 35; senior portraits are outrageous. Truly, a great deal does depend on your point of view.

Most studios will charge a session fee. Some have just one flat fee and others, like our studio, have three different sessions that differ basically by length of time. The session fee covers kind of the photographers time to take the pictures and process the images for you to view. Quite honestly our session fees dont come close to covering the time it takes to photograph a senior, process the images, do some initial retouching and prepare the first view images for the client to see.

Many studios view the session fee more as a guarantee youll show up. Dont get me wrong, I know YOU wouldnt blow someone off but think about it; if theres no up-front session fee to guarantee your spot in the studios calendar, if you had nothing invested and the day of your session came and it was beautiful and sunny and all your friends were going to Valley Fair where would you want to be? Riding the Wild Thing or stuck in a dark studio listening to a 52 year old guy with a beer gut tell bad jokes? If theres money on the line Mom and Dad are going to be sure you show up – with bells on.

Studios session fees in southern Minnesota range from a low of probably fifty bucks to a high of $300 or more. Our studio charges $100, $150 and $200 for respectively, a one hour, an hour and a half and a two hour session. But hardly anyone pays full price for the session.

Studios often run session sales early in the year to start the business flowing. At d. holmes meir studios we have our big 12 hour sale in May and if you book your session for sometime in June youll save 75% on the session fee. In July you save 50% and August nets you a 25% savings. Youll probably find similar sales at most other studios in the area.

With respect to the portraits themselves it will vary a great deal on the number of friends and relatives youll want to gift with your images. At some studios youll spend less than $300 while at others youll invest $1000 or more. Its important to remember that like anything, all portraits and all photographers are not created equal. If youre not a fan of surprises you will want to do research and ask lots of questions as to what is and isnt included in a studios portrait pricing.

Chances are most studios will offer both package as well as a-la-carte pricing options. Packages are almost always cheaper often so much so you may be better off from a money standpoint – to buy more pictures in a package than you really need. No one likes waste but better to waste a little paper than a lot of money.

The most important question you need to ask are whether or not the final images will be retouched and to see examples of retouched images. Many people in this day and age just assume all photographers retouch their portraits nothing could be further from the truth. So look closely at the sample images on a photographers website which one would assume is their best work. If the skin tones are icky, if there are obvious blemishes and imperfections is it reasonable to assume your portraits would be any different?

Function Of Management

An organisation is course of achieving its objectives is influenced by several internet and external factors. The external factors are beyond control. The internal factors can, however, be controlled or suitably amended to facilitate the achievement of the predetermined objectives.

Every manager tries to ensure that all that is thought of is achieved. It requires for a systematic approach involving a careful forecast and coordinated group effort.

The sequence of careful forecast and coordinated group efforts involves combination of several functions to be performed by a manager. These managerial functions vary from one organization to another. There is no unanimity amongst the scholars as to the functions required to be performed by manager. Different scholars of management have described the function of management differently depending upon their research and studies.

1.Forecasting and planning
2.Organizing
3.Commanding
4.Coordinating, and
5.Controlling

In above classification of functions, forecasting was considered as an integral activity of planning. Commanding included directing and staffing. Coordinating, an overall function of management was considered as an independent managerial function. Organizing and controlling were treated as usual functions.

1.PLANNING
Planning is the fundamental function of management. It implies setting the targets or objectives required to be achieved and also deciding in advance the probable courses of action or methods required to achieve these objectives.
Koontz and ODonnel define planning as An intellectual process, conscious determination of course of action, basing of decision on facts, purposes and considered estimates.

2.ORGANISING
It is implies the managerial process of creating the authority responsibility relationship throughout an organization. It involves the function of delegating authority as ell as fixing the responsibilities. As a managerial function the process of organization includes the following activities.

3.STAFFING
Staffing is concerned with planning and organizing human resources requirements. Staffing includes the activities which aim at selecting, training and placing the persons of required skills and capabilities

4.DIRECTING
Directing is known as the driving force. To quote koontz and oDonnel Directing is the inter-personal aspect of managing by which subordinates are led to understand and contribute effectively and efficiently to the attainment of enterprise objectives.

5.CONTROLLING
Controlling means ensuring that the performance of the persons matches the plans decide in planning stage.

Construction Estimating Software Keeps Your Budget Safe

Building your dream home? You will soon learn that it takes plenty of compromise to see this dream into reality. You need to balance the features you want in your new home versus your budget.

Many a dream home has turned into a money pit that is a major task to finish just because these self-build projects did not first consider the overall budget. To make sure that you are able to build your own home and see it to its completion, you have to estimate the construction costs and discuss the budget with your architect and builder. You should do this even before you buy the lot. Fortunately, there are plenty of free software that help you estimate construction costs, even before you start.

A brief search on the internet using the phrase “construction estimating software” will reveal dozens of cost calculators that will give a detailed breakdown of construction costs. The overall cost will depend on the location, home size and the features that you build into your new home. These online calculators can take into account fairly precise details using the zip code, property style and square footage to provide a reasonable estimate of the build cost.

Using these construction estimating software solutions is only part of the overall story. We’ve already mentioned that building your own home is likely to require you learn the art of compromise and this is where a good builder and architect will help you enormously. With subtle differences such as the pitch of the roof used making a significant difference to your total cost, working with your builder to explore the alternatives that are available can make the difference between success and failure.

When negotiating with your builder, you can use construction estimating software to highlight the areas where you can negotiate on the price. You can use the estimates you get from the online calculators with quotes and estimates from different builders. You can compare these and use them as bases for negotiation.

You do not do cost estimation once. You need to do this at varying stages of construction because once you start on the project, you will still need ensure that the costs stick to the budget. This will definitely be a big headache. As you continue with the construction, you should run a construction cost estimate to help you manage costs and plan for changes in the design before it is way too late. The earlier you identify the changes that are needed, the more you are able to avoid additional expenses incurred by reworking work that has already been finished.

Remember that materials and labor costs can change during the course of the construction. That is why you should understand that an estimate is just that, an estimate. You will do well to prepare a reserve fund in the event that costs increase midway. Of course, a decrease in costs will work in your favor.

Construction estimating software is freely available and is an easy-to-use tool to help you manage your costs. However, you will still have to carefully go through your budget to ensure the successful completion of your dream home.

Mandura Business Review Is it a scam

Mandura Business Review:

Mandura corporate headquarters is located in Florida..

Founder of the company is Casey Yarbrough. Casey has been involved in relationship marketing for most of his adult life.

Fresh out of college and newly married, Casey became involved in a network marketing company called Excel Communications. His goal was to enable his wife to stay home with their new baby by replacing her income with the profits he gained through this opportunity. Casey quickly built a large organisation and they both were able to quit their jobs and work full time in the network marketing business.

It only took Casey five years to build 10,000 reps and 100,000 customers, the company then sold for $2 billion dollars.

Casey moved on to financial advising for a national financial and lending corporation, becoming the company`s #1 financial advisor in the nation averaging $14 million a month in residential mortgages.

Casey then started his own mortgage company that was successful for about four years, then the economy bagan to crash.

Casey prayed for a new direction. Casey has always been interested in the nutritional business.

Casey decided he wanted to start a nutrition juice company that would help people physically and financially. With an abundance of experience in finance and relationship marketing, Mandura perfectly fit not only Casey`s talents, but his new goal.

The premier product is called Mandura. Mandura comes in 32oz bottles and includes Durian fruit, Mangosteen, Acai All the ingredients are high in antioxidants and healing properties. It appears to be a good product that is competitive in the market.

I don’t like preservatives and Mandura contains zero preservatives. Mandura’s bottling process uses no preservatives and the product has a two year shelf life.

The compensation plan is nothing like any MLM company around. It is a straight line, which means no weak leg.. Once you become a distributor, anyone else that joins after YOU is placed in YOUR team! How would you like to have your team built for you while you are doing other things? To move up in the plan you have to personally sponsor new distributors. Just like owning your own business you must produce to get rewards.

I could not find any training on the corporate website. Mandura has various tools to aid the new distributor such as , business cards,

I will assume that most of the training will be “Old school” techniques. Many new distributors will be told to make a list of 100 people they know, attack their warm market, pass out fliers, buy leads, etc….

What happens when the distributor finishes his or her list? How are they going to acquire more leads?

This is where the power of the internet comes in. In one day, how many times can you show your plan? Maybe five? Using my techniques and system you could reach up to 1 million people a day.

I can help the Mandura distributor generate leads and have people calling them about their opportunity. You will have what they want and they will call YOU. No more chasing family and friends. No more cold calling. No more 3 foot rule.

I get my leads for FREE and I want to show you how. That’s right. My mentor taught me these powerful technique for free and now I want to teach you.

I use all the social sites to generate leads and I will show you how I do it. This type of marketing cost nothing. Zero. Nada!

Essential Steps In Setting Price For A Product

When setting the price of a new product, marketers must consider the competitions prices, estimated consumer demand, costs, and expenses, as well as the firms pricing objectives and strategies.
Here are the steps on how to set a price for your products:

Step 1: Determine Pricing Objectives. What is your purpose in setting a price for your product? Do you want to increase sales volume or sales revenue? Establish prestigious image for your product and your company? Increase your market share and market position? Answering these questions will help you keep your prices in line with other marketing decisions.

Step 2: Study Costs. Since the main reason for being in business is to make a profit, give careful consideration to the costs involved in making or acquiring the goods or services you will offer for sale. Determine whether and how you can reduce costs without affecting the quality or image of your product. This is so true for a company that quality product is the main service. For instance, a digital printing service shop can higher their price in their postcard printing service if it really has higher quality compared to others.

Step 3: Estimate Demand. Employ market research techniques to estimate consumer demand. The key to pricing goods and services is to set prices at the level consumers expect to pay. In many cases, those prices are directly related to demand.

Step 4: Study Competition. Investigate your competitors to see what prices they are charging for similar goods and services. Study the market leader. What is the range of prices from the ceiling price to the price floor? Will you price your goods lower than, equal to, or higher than your competitors?
Step 5: Decide on a Pricing Strategy. You may decide to price your product higher than the competitions because you believe your product is superior. You may decide to set a lower price with the understanding that you will raise it once the product is accepted in the marketplace.

Step 6: Set Price. After you have evaluated all the foregoing factors, apply the pricing techniques that match your strategy and set an initial price. Be prepared to monitor that price and evaluate its effectiveness as conditions in the market change.