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BUSINESS
Asked by Rob

Discuss two main approaches to pricing for new products and give examples to illustrate how each pricing strategy works?

Cost-plus pricing is where you add how much it costs to make a product, then add a percentage of profit on top. Or you can go for Competitive pricing where you look at how much your competitors are pricing their products, then adjust from there. Hope that helps 😊

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Husain Mukadam
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