Let's say you sell water. You could say water is very valuable to people because it's essientatial to life. On the other hand people have the other of getting their water elsewhere for a cheap price. That leads to less valuaing your product.
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I do picture framing and I charge what I consider a good price with a good mark up for me, but I have heard that a competitor is cheaper than me. So, should I lower my cost to compete with him or stick to my original pricing structure?
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You can also compete with him by giving the customer a better product.