In determining a pricing model, it is advisable for a business that is just starting out to

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For a business that is just starting out, it is important to build a customer base by offering a great value for the money charged. Pricing products or services too high may deter potential customers who are unfamiliar with the brand. Accounting for staff experience can be considered in the pricing strategy, but it should not be the sole factor. Attempting to reach as wide a customer base as possible may not be the best approach for a start-up as it may result in ineffective marketing and higher customer acquisition costs.

In Determining a Pricing Model, It Is Advisable for a Business