- Calculate the average price of similar products on the market to find what the ball park range should be.
- Calculate the top and bottom averages (i.e. top and bottom 20%) and determine their value.
- Compare the three ranges of products and what services and features that your product has.
- Based on that comparison determine where your product will fit in terms of quality, customer service, return policy, design, utility and customer reviews.
- It is important to ensure that you are not confounding your problems by having a poor marketing strategy that doesn't at least compare to your competitors.
- You can often start with the average price and then add and reduce price based on how your product compares. For example, if your quality is better you can add value while if your customer service is poor you can take some away.
- Remember to watch your competitors closely. Generally, consumers purchase the lowest priced product but do take into consideration reputation and overall quality.
Thursday, December 7, 2017
Tips on Finding Equilibrium with the Market through Price Maximization
Finding the right price to maximize profit through equilibrium with the market can be difficult. A product that is initially not selling well may be misplaced or may not be marketed correctly. The wrong words, language, or pictures may be used. However, this is only one compounding variable. Often new business owners overprice their products and customers can feel cheated once they find out. Below are a few tips on finding equilibrium in pricing that affords maximum sales and profitability.
7th Global Business and Finance Research Conference
7th Global Business and Finance Research Conference
Date: 22 – 23 February 2018
Venue: Concorde Hotel, Kuala Lumpur, Malaysia
Submission Deadline: 22 January 2018
Registration Deadline: 9 February 2018
Theme: Research for Progress
Website: www.malaysiaconfo.com
Email: malaypap@gmail.com
Theoretical and empirical papers or case studies relating to all broad areas of Accounting, Banking, Finance, Economics, Management, Marketing, Business Ethics and International Business are invited for the above international conference. This conference is supported by five international peer reviewed journals indexed by Ulrich, EBSCO of USA and ERA of Australia. This conference is sponsored by World Business Institute (WBI), Australia, (please see www.worldbizins.org) which is supported by fellows from over hundred countries and has collaborative relationship with many universities, institutions and publishers. Unlike other predatory conferences, WBI conferences provide professional services to the authors such as written review report on each paper presented. Over the past 13 years, WBI has attracted thousands of attendees to its conferences around the world.
SUBMISSION GUIDELINES
Please submit either abstract and/or full paper containing the paper title, full details of the corresponding authors including title (such as Mr., Dr. etc), field of research (such as accounting, management etc) and contact emails. All submission will go through double blind review process and review outcome will be notified within reasonable time.
PUBLICATION OPPORTUNITIES
Affiliated Journals:
ABDC rated (B) journals (see www.abdc.edu.au):
- Advances in Quantitative Analysis of Finance and Accounting
- International Journal of Quality and Reliability Management
- IIMB Management Review
Scopus Indexed Journals:
- Banks and Banking System ( Indexed by Scopus)
- International Journal of Supply Chain Management (indexed by Scopus)
Note: The editorial boards of the above respective journals will independently consider high quality papers. You need to follow the journal's policy.
Sponsoring Journals:
Journals listed by Excellent Research Australia (ERA), Ulrich Directory of USA and Scopus (under review) Journals (without any fee for outstanding papers):
- Global Economy and Finance Journal
- Global Review of Accounting and Finance
- World Journal of Management
- International Review of Business Research Papers
- Journal of Business and Policy Research
CONFERENCE PROCEEDINGS
All accepted papers, except those accepted by the above journals, will be published electronically with ISBN via a dedicated website (http://wbiworldconpro.com) which contains papers from 90 previous conferences.
WRITTEN REVIEW REPORT, BEST PAPER AWARD AND FEES
Review reports via email on every paper presented at the conference will be provided to assist the authors to revise and improve their papers so they can publish in quality journals. Best paper awards will be announced via email after the conference. Registration fee is UD $350 and includes printed program book, attendance certificate, written review report, online conference proceedings, conferences accessories, hot buffet lunch, tea, coffee and break foods for both days.
DEADLINES
22 January 2018 for abstract and/or full paper submission and 9 February 2018 for registration. If abstract is accepted, full papers should be submitted by 9 February 2018.
FURTHER INFORMATION
Please click on the links provided on the left hand side of the conference website (www.malaysiaconfo.com) for more information. For other enquiries please email Professor. Mohammad Hoque via malaypap@gmail.com
PROGRAM CHAIR
Professor Dr. Stuart Orr, Deakin University, Australia.
INTERNATIONAL PROGRAM COMMITTEE MEMBERS
Please see the conference website for more details.
Date: 22 – 23 February 2018
Venue: Concorde Hotel, Kuala Lumpur, Malaysia
Submission Deadline: 22 January 2018
Registration Deadline: 9 February 2018
Theme: Research for Progress
Website: www.malaysiaconfo.com
Email: malaypap@gmail.com
Theoretical and empirical papers or case studies relating to all broad areas of Accounting, Banking, Finance, Economics, Management, Marketing, Business Ethics and International Business are invited for the above international conference. This conference is supported by five international peer reviewed journals indexed by Ulrich, EBSCO of USA and ERA of Australia. This conference is sponsored by World Business Institute (WBI), Australia, (please see www.worldbizins.org) which is supported by fellows from over hundred countries and has collaborative relationship with many universities, institutions and publishers. Unlike other predatory conferences, WBI conferences provide professional services to the authors such as written review report on each paper presented. Over the past 13 years, WBI has attracted thousands of attendees to its conferences around the world.
SUBMISSION GUIDELINES
Please submit either abstract and/or full paper containing the paper title, full details of the corresponding authors including title (such as Mr., Dr. etc), field of research (such as accounting, management etc) and contact emails. All submission will go through double blind review process and review outcome will be notified within reasonable time.
PUBLICATION OPPORTUNITIES
Affiliated Journals:
ABDC rated (B) journals (see www.abdc.edu.au):
- Advances in Quantitative Analysis of Finance and Accounting
- International Journal of Quality and Reliability Management
- IIMB Management Review
Scopus Indexed Journals:
- Banks and Banking System ( Indexed by Scopus)
- International Journal of Supply Chain Management (indexed by Scopus)
Note: The editorial boards of the above respective journals will independently consider high quality papers. You need to follow the journal's policy.
Sponsoring Journals:
Journals listed by Excellent Research Australia (ERA), Ulrich Directory of USA and Scopus (under review) Journals (without any fee for outstanding papers):
- Global Economy and Finance Journal
- Global Review of Accounting and Finance
- World Journal of Management
- International Review of Business Research Papers
- Journal of Business and Policy Research
CONFERENCE PROCEEDINGS
All accepted papers, except those accepted by the above journals, will be published electronically with ISBN via a dedicated website (http://wbiworldconpro.com) which contains papers from 90 previous conferences.
WRITTEN REVIEW REPORT, BEST PAPER AWARD AND FEES
Review reports via email on every paper presented at the conference will be provided to assist the authors to revise and improve their papers so they can publish in quality journals. Best paper awards will be announced via email after the conference. Registration fee is UD $350 and includes printed program book, attendance certificate, written review report, online conference proceedings, conferences accessories, hot buffet lunch, tea, coffee and break foods for both days.
DEADLINES
22 January 2018 for abstract and/or full paper submission and 9 February 2018 for registration. If abstract is accepted, full papers should be submitted by 9 February 2018.
FURTHER INFORMATION
Please click on the links provided on the left hand side of the conference website (www.malaysiaconfo.com) for more information. For other enquiries please email Professor. Mohammad Hoque via malaypap@gmail.com
PROGRAM CHAIR
Professor Dr. Stuart Orr, Deakin University, Australia.
INTERNATIONAL PROGRAM COMMITTEE MEMBERS
Please see the conference website for more details.
Profit Maximization By Avoiding Short-Term Stock Decisions
In the world of large hedge funds and stock prices the risks to company decision making compound as leaders seek to maintain short-term stock value while often ignoring the fundamentals of good business. As the fundamentals are improved the overall stock value rises as a result of organizations that develop strong strategic plans for 5 and 10 years out. Beating the stock market market rests on a higher level competitive position with relevant products and services.
It is an addictive game to play the stock market like a short-term trader seeking to make small adjustments everyday to keep the stock price high. As we do this the decisions we make may make sense in the short-term but could impact a business as it seeks to grow and gain market share. Such decisions often come across as arbitrary and not well thought out.
Let me give you an example. When times are tough companies often lay off employees but then fail to retain those skills needed to capture new revenue streams. While lay offs may work as a readjustment strategy to incorporate people with new skills generally they are the sign of a dying company. Cutting your way to profit also cuts your opportunities and is a self-defeating game.
If a company isn't doing something that has market value it will lose its position. The trend may have changed or consumers might not find the value as high as it once did. Instead of laying off employees or making radical cuts to budgets to raise profit margins it would make more sense to develop new streams of income by readjusting those profits to growth opportunities.
That is a different way of thinking that moves from the what is to what could be. Investors are in the business of making money and not in the business of management. However, attracting longer term investors that are not as radical in their buying and selling of stock is helpful in lowering this pressure. Attracting those that want to build a long-term organization and receive bottom prices upon entry and see those dividends grow over a few years is a better bet.
When something isn't working right then it is time to change the strategy. Create customer value at the lowest and deepest levels by focusing on the fundamentals of one's core offerings. Raising value may mean improving current products, adding new products, or changing the entire approach of business based on market demand. Transitioning to long-term decision making may be difficult but is not impossible if proper information and goals of the organization are clearly communicated to investors. Keeping them informed helps them to stick out the tough times and be attracted to long-term ventures they believe in.
It is an addictive game to play the stock market like a short-term trader seeking to make small adjustments everyday to keep the stock price high. As we do this the decisions we make may make sense in the short-term but could impact a business as it seeks to grow and gain market share. Such decisions often come across as arbitrary and not well thought out.
Let me give you an example. When times are tough companies often lay off employees but then fail to retain those skills needed to capture new revenue streams. While lay offs may work as a readjustment strategy to incorporate people with new skills generally they are the sign of a dying company. Cutting your way to profit also cuts your opportunities and is a self-defeating game.
If a company isn't doing something that has market value it will lose its position. The trend may have changed or consumers might not find the value as high as it once did. Instead of laying off employees or making radical cuts to budgets to raise profit margins it would make more sense to develop new streams of income by readjusting those profits to growth opportunities.
That is a different way of thinking that moves from the what is to what could be. Investors are in the business of making money and not in the business of management. However, attracting longer term investors that are not as radical in their buying and selling of stock is helpful in lowering this pressure. Attracting those that want to build a long-term organization and receive bottom prices upon entry and see those dividends grow over a few years is a better bet.
When something isn't working right then it is time to change the strategy. Create customer value at the lowest and deepest levels by focusing on the fundamentals of one's core offerings. Raising value may mean improving current products, adding new products, or changing the entire approach of business based on market demand. Transitioning to long-term decision making may be difficult but is not impossible if proper information and goals of the organization are clearly communicated to investors. Keeping them informed helps them to stick out the tough times and be attracted to long-term ventures they believe in.
Ski Brule A Little Place with a First Opener
Lodge: The lodge is warm and offers food and drink for those who enjoy warming up. You can order in the bar or the restaurant.
Ski Shop: If you forgot something the ski shop will have it.
Pricing: The pricing is a little less than most of the other ski resorts at $49 or $39 if you get advanced tickets at local locations.
What Managers can Learn from the Philosopher Nagel on Objective Performance Management
Managers have a responsibility of objectivity when it comes to management of employees and the daily functioning of their departments. Being emotionally wrapped into the the daily conversations of employees or taking wildly emotional stances not based in sound business logic does not help in growing a successful business. Learning to objective means stepping back from the daily bustle and learn to observe and see the big picture.
Erwin Schrodinger restates some of Nagel's beliefs in What is Life? (1944) stating "moderately satisfying picture of the world has only been reached at the high price of taking ourselves out the picture, stepping back into the role of the non-concerned observer." According to Erwin one comes to higher knowledge and general satisfaction by not being dipped head first into the daily bustle.
We learn from our senses but we interpret from our impressions and mental constructions. Knowing that one's immediate beliefs are not the truest interpretation opens up the possibility to see the world from a new perspective. Philosophy teaches us that by stepping back and taking a bigger view we gain performance perspectives.
Stepping Back: Stepping back means not engaging in the employee gripes, fights, and arguments. The daily politics should not come to sway the managers opinions and thoughts based on personal loyalties and self-seeking behaviors. The manager who can step out of the fray learns to see his/her department from a more objective standpoint which leads to better decisions.
The Big View: When one becomes an observer and pays attention to understanding versus judging they can eventually come to understand the mechanics of their department and the bigger picture with greater clarity. The big view will allow the manager to put the daily fires in perspective and work toward larger goals needed to advance the company.
Erwin Schrodinger restates some of Nagel's beliefs in What is Life? (1944) stating "moderately satisfying picture of the world has only been reached at the high price of taking ourselves out the picture, stepping back into the role of the non-concerned observer." According to Erwin one comes to higher knowledge and general satisfaction by not being dipped head first into the daily bustle.
We learn from our senses but we interpret from our impressions and mental constructions. Knowing that one's immediate beliefs are not the truest interpretation opens up the possibility to see the world from a new perspective. Philosophy teaches us that by stepping back and taking a bigger view we gain performance perspectives.
Stepping Back: Stepping back means not engaging in the employee gripes, fights, and arguments. The daily politics should not come to sway the managers opinions and thoughts based on personal loyalties and self-seeking behaviors. The manager who can step out of the fray learns to see his/her department from a more objective standpoint which leads to better decisions.
The Big View: When one becomes an observer and pays attention to understanding versus judging they can eventually come to understand the mechanics of their department and the bigger picture with greater clarity. The big view will allow the manager to put the daily fires in perspective and work toward larger goals needed to advance the company.
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