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The six factors involved in setting price include selecting the price objective, determining or estimating demand, estimating costs, analyzing competitors' costs, prices, and offers, selecting
The six factors involved in setting price include selecting the price objective, determining or estimating demand, estimating costs, analyzing competitors' costs, prices, and offers, selecting a pricing method, and selecting the final price. As for price objectives, the company I am writing the Marketing Plan for will be using the market-skimming pricing. Since His Kingdom is just starting, prices need to be high to cover the costs of the facility and any other start-up costs. As for pricing method, His Kingdom will use the perceived value method because this company is of unique value to Pickens County. All prices should be fair and affordable. The Bible says, "Keep your life free from love of money, and be content with what you have, for he has said, 'I will never leave you nor forsake you'" (Hebrews 13:5). The Bible does not clearly state at what price or profit margin one should make their prices; however, it does state to be fair and not let the love of money take over your life. In focusing on Christ, you will have all you ever need. With that being said, one should stay aligned with the Holy Spirit when making decisions about pricing and
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