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A business survey question?
The job/business that they're doing to make money now, should they make products and sell each ones as many as they can with expensive price on each ones and hoping that they will still buy them; or should they instead figure the much faster way to make anything, and make each ones very useful & much easier for you, me, and everyone else to use, & see how great this product works after it's made as it gets whole lot more done with that or something, and see that they would really like to get one from you because that works so good, then they decide to take it & know that was yours then they will decide to pay you of what correct/fair amount it is/was?
You think about and decide what one of these two choices you think might be or you like better, and you can take your time on choosing which one it would be for later.
The short answer is, it depends. You have to evaluate the market you are trying to enter and decide where there is opportunity. You also need to decide what your company brand is. For example people buy a Rolex watch because it is known as the premium watch and therefore they are willing to pay more for it. On the other hand company's like Walmart sell themselves on having the lowest prices. It's all about the market and what your comparative advantage is.
I don't think companies generally start off with low prices and then raise them once their product becomes popular. Instead, I think that they usually offer promotions and discounts to get people to try out there product. For example whenever a new Chipotle opens they give away a free burrito to every customer on the first day they are open.
Hope this helps.
Source(s):13 months ago