  Bookmark Email Print this page  The Price Is Right. Or Is It?
For any business, pricing should not only cover the overhead
costs to run the business but generate profit too. However,
setting the right price for any product or service can be tricky
- especially for start-ups. Entrepreneurs often set prices based
on the cost of production and don't consider the various
operational expenses like licenses, taxes and compensation.
Additionally, many owners don't take into account intangible
factors like customer service or convenience provided by their
product or service.  In the recent Wall Street Journal article,
"The Price Is Right. Or Is it?", Deloitte Consulting LLP's Julie
Meehan talks about the objective of pricing and how business
owners can better understand the true value of what they are
selling. Co-author of the book Pricing and Profitability
Management: A practical guide for business leaders, Julie
discusses why price is one of the major aspects in developing
the image of any product or service. “