This is the method used in the simulator above. You calculate your total costs and add a standard markup percentage to arrive at the selling price. It's simple and ensures you cover costs and make a profit.
Set your price based on what the customer believes your product is worth. This requires market research to understand your customer's perception of value. It can lead to higher profit margins if your product is highly valued.
Set your price based on what the competition is charging for similar products. You can price slightly lower to gain market share, at the same level to match the market, or slightly higher to signify better quality.
Use pricing tactics to influence a customer's perception. For example, pricing a product at RM 9.99 instead of RM 10.00 can make it seem significantly cheaper. This strategy leverages human psychology to encourage sales.