6/17/2023 0 Comments Pricing strategy for products![]() Price fixing is illegal in Australia under the Competition and Consumer Act 2010. Price fixing is when 2 or more competitors (either formally or informally) agree on setting a price. When setting your price and advertising your products and services, you must comply with the relevant laws and regulations. If you don't have an online presence, find out how to create a business website. Many customers will visit your website before making any direct contact with your business, so make sure it's up to date. Keep a checklist of where prices are published, for example: Ensure you communicate the changes clearly to customers. If you change your prices, make sure this is updated wherever your prices appear. Stay informed about what's happening in your market, as this will affect your pricing. You may need to review and adjust your pricing when there are changes: on a monthly, quarterly or half-yearly basis) to accommodate changes in, for example: Schedule reviewsĬonsider scheduling formal price reviews (e.g. Whether scheduled or in response to a specific change, a pricing review will enable you to make decisions based on accurate and current information.
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