Many of business owners set prices for once only, When is the right time to review your prices for your product?

Price has to be reviewed :

- Launching of product 

- Changes of economic status as inflation or rescission

- If competitors have changed their price.

- If Raw material got more expensive.

- If  you adopt a new marketing strategy on basis of low cost leadership  

Because pricing decisions require time and market research, the strategy of many business owners is to set prices once and "hope for the best." However, such a policy risks profits that are elusive or not as high as they could be.

When is the right time to review your prices? Do so if:

• You introduce a new product or product line;
• Your costs change;
• You decide to enter a new market;
• Your competitors change their prices;
• The economy experiences either inflation or recession;
• Your sales strategy changes; or
• Your customers are making more money because of your product or service.

the right is the time when you do your yearly budget with good forecast of the market and effective and target oriented planning then close your prices with your customer and stick to that, this is how you gain trust of your customers and build good reputation in the market.

Price reveiw of the products should in synce with market dynamics and it should be reviewd quarterly taking consideration of current market chalange,competiton and govment regulation also depend on the industry in which you play.

Revision of product pricing is a process should be linked to the strategic managment process and should be frequently performed to be in line with any canges in the operating / market environment 

Further to the above , any change in the company finacials which may requier some actions affecting the pricing or the cost may lead the compaby to review prices 

the time to review the price is as follows

- when the demand for a product is low.

- when the demand for supply is high 

- when the product has over stay for long in the company.

- when there is monoply of the product in the market.

- when loss its value in the markert.

- in the time of launching a product.

- the sales strategy of the product

- the changes of economic status as infllation.

- if the texitle , secondary becomes expensive.

all above are some of the periodical time we can review the prices of product.

It purely depends on the market demand and supply. It is always market and customer who decides the price. Ideally the price  must be reviewed once in a year. 

At the end of the Year after viewing your Profit and Loss from Balance Sheet. 

The price is influenced by so many factors. The need to be reviewed regularly to remain relevant and competitive.

Definitely we should be the ones deciding to review the price first and not out of any compulsion or demand from customer side due to competition.This is really an ideal situation.But to be in the market its always important that we let our cusomers know regarding upcoming Price change rather than they force us to do.If we have a bunch of products with varied price line-its easy to review the prices and inform the customer in advance-"We have various products for meeting the Price requirement". We need to be prepared with the product always which is the main challenge .Other time for revision may be 

When shipping Charges and duties change

At the start of Financial year after reviewing business forecast

Raw material Price change-