The first step to pricing is understanding your input costs for the product being produced.
Next, understand that two products that cost the same to produce can be retailed at two different price points due to the products’ perceived value. Don’t get trapped into a formula (input cost x 4 = y price).
For example, car flags cost about the same to produce as an award plaque with a sublimated plate, but most would place a higher value on the plaque. Also, don’t forget to incorporate your business overhead into the cost of your products.
—Shon Roti, JDS Industries