Self-Test: Are Your Prices Where They Should Be?

Self-Test: Are Your Prices Where They Should Be?

Ask yourself the following questions regarding your prices.

1. Do I need to generate more revenue that I can't achieve from product or service improvements?
   Yes No
   
2. Do I want a higher market share that will lead to lower costs through higher volume?
   Yes No
   
3. Is the economy suffering a downturn or a recession?
   YesNo
   
   
4. Have one or more of my competitors recently lowered their prices?
   YesNo
   
5. Are my prices set according to the quality of my product or service as compared to that of my competitors?
   Yes No
   
6. Is my revenue level suffering because of the effects of inflation?
   Yes No
   
   
7. Is the economy enjoying an upturn or boom?
   Yes No
   
8. Is my product or industry likely to be obsolete a year from now?
   Yes No
   
   
9. Have one or more of my competitors recently raised their prices?
   Yes No
   
   
10. Is there a greater demand for my product or service than I can supply?
    Yes No

Sources: http://www.va-interactive.com/inbusiness/editorial/bizdev/ibt/pricing