The aspect of marketing in the digital age requires more addressing, however, probably it might be useful to discuss price and then continue discussing the aspect of marketing because marketing is no more static and it has become dynamic because of the coming into the picture of digital marketing that has opened more possibilities to reach out to customers.

Consequently, starting out entrepreneurs have to make themselves familiar with the available approaches of pricing a  product or a service that could be straight forward in most cases, although there are certain aspects to take into consideration.  Most sources suggest the first step to consider should be the objective of the pricing, which means a given pricing approach has to achieve certain goals.  New entrepreneurs might want to capture a market share for the product or service they bring into a given market.  Others might want to make a profit only.  Still, others might want to bring forward a specialty product or a service that offers a unique value to buyers.

Whatever the goal is there is a need to make oneself thoroughly familiar with the market so that it will be possible to be in a position to know how much competitors are charging and how much customers had been willing to pay.  Knowing what kind of demand is prevalent is also important because unless there is enough demand for the product or the service, it should not be considered in the first place, although it might be possible to create demand by using different kinds of marketing approaches.

There are various price setting techniques outlined such as cost-plus and value-plus pricing.  Cost-plus pricing requires coming up with a mark-up percentage to the incurred cost.  At times the mark-up could be high and customers might not be willing to pay.

When that is the case, it is possible to make an adjustment by bringing down the price, and take a lower profit.

The value-plus pricing also offers more leeway because what determines the price is not the cost incurred, but what kind of value buyers attach to the product and service.  It is possible to get away with charging a higher price when using value-plus pricing.

Other approaches might be to look at ROI, (return on investment) which means it is possible to charge a price that would give a certain amount of profit despite the cost involved.  Such an approach might work or if it does not, it is always possible to make the required adjustment.

It is also possible to focus on maximizing profit only and this approach requires cutting costs as much as possible.  Most businesses might have rooms to cut costs if they take certain measures and all such measures should be considered and exhausted in order to maximize profit.

Maximizing sales can also be another target..  It can be accomplished by cutting prices even if it affects the profitability level.  Introducing incentives is an option so that many customers will be willing to spend more.  When selling in large volumes it is possible to make up for the price reduction.

Targeting market share is also another recommended approach despite losing profit on the outset.  If attaining a higher market share is possible it can make up for the loss of profit in the long run.  Another simple and safe approach is to charge what the competitors are charging and see if it is possible to garner market share or generate profit after covering the cost. 

Since this approach is not aggressive, seeing a result could take time and requires prior planning.  In all cases, there is always the need for adjustment according to the attained outcome that requires keeping everyone on their toes since tracking what exactly takes place in the market place will be vital.