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Then you should do marketresearch to figure out what other businesses are charging and what customers are willing to pay. Combine different techniques like surveys, interviews, and observation to gather a comprehensive understanding of the market. Each method provides unique insights that can help inform your decisions.
Here is the price of rotisserie chicken on the Costco website: Here is the price of rotisserie chicken on Erewhons website: From the images above, it’s clear that there is a big difference in the prices of a similar product from two different retailers. In the 1990s, Blockbuster Video was the dominant home video rental brand.
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