When setting the price for a product or service your price needs to:

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Your price needs to cover all the costs of your product or service, including materials, labor, overhead, and any other expenses. If your price does not cover these costs, you will not make a profit and could even end up losing money. While it is important to be aware of what your competition charges, setting your price solely based on their prices may not be sustainable in the long term. Additionally, setting your price too low may give the impression that your product or service is of lower quality, while setting it too high may discourage potential customers from making a purchase. Therefore, it is important to base your price on the cost of your product or service and the perceived value it provides to your customers.

When Setting the Price for a Product or Service Your