Question

George is ready to launch a designer tie collection under his own brand name. He now has to decide the right market price for his product. What would be the most important factor for George to consider while deciding on the right market price?

Answer 1

Answer:

Cost would be most vital factor to be considered while deciding the market price of the product.

Explanation:

Cost is the factor which the business or the firm could not ignore or avoid, as the cost of the production or purchasing the product when it comes to setting or mounting the selling price.

And the business will fail, if it sells for less than the cost or if the profit margin is too low in order to cover the fixed costs associated with the business.

Therefore, the George need to consider the cost of making the tie, then in accordance with decide the market price of his product.