In a recent post on Business Analysis Using SWOT, I covered many points entrepreneurs should think about as they analyze their situations when starting a small business. One of the ideas I wrote about was an assumption many entrepreneurs make when it comes to pricing a good or service. That is: I can price less and take business away from a higher-priced competitor. There are several things an entrepreneur should take into consideration when setting prices, not least of which is how competitors set their prices.
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