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Objective 4.04 Understand Marketplace Experience
1. Determine pricing objectives: Consider your purpose in setting a price for your products.
2. Study costs: Carefully examine all of the costs associated with carrying a product and
selling it to consumers.
3. Estimate demand: Research industry data and study past sales to estimate demand.
4. Study the competition: While new or small business often have a difficult time competing
solely on the basis of price, it is important to know what competitiors are charging for
5. Decide on a pricing strategy: Select the strategy that offers the business the greatest
potential for profit then monitor sales and related factors to determine when changes are
6. Set your price: Once again, continue to monitor sales, customer reactions, competitor
reactions, competitor reactions, and company goals to determine when changes are
Small Business Administration (SBA): Promotes small business development, helps businesses
secure government contracts, and provides assistance and advice on how small businesses
can increase revenues and profits.
Service Corps of Retired Executives (SCORE): Volunteer organization in which retired business
executives share their business experience with small business owners.
Small Business Institute (SBI): Free counseling services provided by student teams at many
United States Department of Commerce: social and economic statistics for businesses as well
as research and support for scientific, engineering, and technological development.
Federal Trade Commission (FTC): Ensures that business practices in the US are fair.
Internal Revenue Service (IRS): Issues federal taxpayer identification numbers to businesses,
distribues publications that explain tax laws, and assists with tax-related questions
Small Business Development Center (SBDC): counseling and management assistance sto
small businesses.
Department of Development (DOD): Each state agency administers federal community
development programs
Workers’ Compensation Board: All business owners who employ workers are required to
provide insurance that gives employees benefits in the event of work-related injuries or
State Department of Agriculture and Consumer Protection Division: Issues permits for
businesses involved in processing, handling, storage, or distribution of food products.
State Sales and Use Tax Division: Issues identification numbers to retail businesses that
collect and remit sales taxes.
State Department of Labor: Provides business with information regarding employer
responsibilities in relation to unemployment insurance
Office of the Secretary of State: General business information in addition to information
and forms used for incorporation
Chamber of Commerce: stimulate local economic growth
Colleges, Universities, and Technical Schools: Offer educational training and research
Licensing & Permit Offices: Assistance and support when obtaining business licenses
County Health Departments; Local health and safety regulations
County Extension Services: Good resource for agricultural businesses
Attorneys: Make sure that business owners follow proper procedures in all legal aspects
of the business operation
Accountants: Assist business owners in designing and maintaining bookkeeping systems
Insurance agents: Inform business owners of insurance requirements and regulations