Finding a Balance
To make the most money at your store, you will want to have just enough product to meet the demands of your customer. If, for instance, you have too many televisions left over at the end of the month, then you are losing money by missing out on sales. If, however, you sell all of your TV sets two weeks into the month, then you are losing money because you are charging too little for the product.
To get the most, you need to find a perfect balance that allows you to generate maximum revenues while keeping your customers happy.
Searching for the Supply and Demand Balance
How do you know the perfect price for a product? You have to do a lot of research. Many manufacturers offer suggested retail prices that you can use as a benchmark. You can also browse other stores to see what they charge for similar products. Of course, you can also do your own in-store marketing. You might start by charging a slightly high price to see how many people buy your product. If sales are unexceptional, then lower the price gradually until you reach sales that make you happy.
What are some of the research tools that you have used to maximize sales for your business?