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What is the "right" price to charge for a product or service

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Please help me to answer one of these following question at least one paragraph express your opinion.

what is the "right" price to charge for a product or service. Pick one of these two philosophies and defend it in your response. In this case, speak from the perspective of a business person and marketer -- not a consumer.

1) Prices should be based on the costs associated with manufacturing or creating the product or service -- essentially the cost of goods sold.

2) Prices should be based on what the consumer is willing to pay for the product or service regardless of costs of goods sold.

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This solution discusses how to determine the "right" price to charge for a product or service.

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Prices should be based on what the consumer is willing to pay for the product or service, regardless of cost of goods sold. If ...

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  • Post Graduate Diploma in Management (Equivalent to MBA), All India Management Association
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