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More Posts on Price increases
The company said in a Sept. 28 release that customers have welcomed the rollout of Dollar Tree Plus and Combo store formats, which offer items at higher price points.
The production index rose to a reading of 24.2 in September, up 3.4 percentage points from 20.8 in August.
The median price of an existing single-family home surged by 22.9 percent in the second quarter of 2021 compared to the year-ago period, hitting an all-time high of $357,900, the NAR said in an Aug. 12 report.
Some economists have expressed concerns that if prices accelerate too fast and stay high for too long, expectations of further price increases will take hold, driving up demand for wages and potentially triggering the kind of wage-price spiral that plagued the economy in the 1970s.
One of the most obvious yet trickiest strategies to raise revenue is to raise prices. That way, you earn more from your current customers without spending more to find new ones.
For most retailers, it makes sense to steer clear of any price wars, which they may not win anyway.
Every entrepreneur -- whatever his or her business -- needs to understand the essentials of how customers decide what is worth what.
Pricing isn't just about a number. It's about your value, what you're really worth and who you want to work with.
You're going to lose a race to the bottom; only the biggest firms win those. Go in the other direction, aim for the top pricing tier and watch your margins grow.