On The Folly of Lowering Prices
This week’s Carnival of the Capitalists is posted at the brand new Carnival of the Capitalists site.One of the entries I highly recommend is by business owner Wilson Ng. He writes about the mistake so many entrepreneurs make by pricing offerings lower than competitors. He says, “Conduct your business in such a way that you can sell the product at a higher price on average compared to your competitors.” And what about the successful businesses that compete by having the lowest prices (Wal-Mart, yes, we’re talkin’ about you)? That, Wilson says, is “not about lowering prices. It is about their ability to lower their cost thus increasing their ability to lower prices.”
The Carnival of the Capitalists is a weekly online roundup of business writings from various blogs. Enter your own article at BlogCarnival.com.
[Source: Small Business Trends
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