Question

Topic: Research/Metrics

Need Help On Pricing My Product?

Posted by errollf on 8/21/2010 at 2:35 PM ET 25 Points
My business design luxury flatware encrusted with precious jem stones on each utensils. Our company has sold our flatware to many celebrities. We are now launching our new rental service and need help pricing our product. Since we are the only company who design this product and have a Patent on it, there is nothing out there to compare it to. My partner and I thought it would be best to rent each utensil for $25.00. What do you think?
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RESPONSES

  • Posted by Peter (henna gaijin) on 8/22/2010 at 1:07 PM Accepted
    I would look at jewelry rental and similar high end product rental to get a feel for how they price it. Likely the rental price is based at least in part on a percentage of the purchase price, but there also may be some impact on delivery, what it costs to maintain/clean/prep the product for use, etc.

    The other end is what is the customer willing to pay. Perhaps you could survey potential customers and see what they think.
  • Posted by marketbase on 8/22/2010 at 7:38 PM Accepted
    A good place to start is with a break-even analysis.

    jag
    MarketBase
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