University of Maryland Extension

2. Price

Author: 
Ginger S. Myers, Extension Specialist, Marketing, University of Maryland Extension and Kim Rush Lynch, Extension Educator, University of Maryland Extension

Urban Ag home | Table of contents

Whether you’re gearing up to sell at a farmers’ market, through your roadside stand, or by private contract, you cannot thrive in business today without a pricing strategy. The price you set for your product must fall between two points: what the customer is willing to pay and your breakeven point (the point at which you start losing money).

Remember this golden rule when setting prices: perception is everything. How customers view your product or service and what they are willing to pay for it is based upon perceptions. In the end, customers will tell you loud and clear through their purchasing behavior whether or not your prices are too high, too low, or right on the money.

Previous page: Customers and the competition
Next page: Where to begin

Maintained by the IET Department of the College of Agriculture and Natural Resources. © 2020. Web Accessibility

University programs, activities, and facilities are available to all without regard to race, color, sex, gender identity or expression, sexual orientation, marital status, age, national origin, political affiliation, physical or mental disability, religion, protected veteran status, genetic information, personal appearance, or any other legally protected class. If you need a reasonable accommodation to participate in any event or activity, please contact your local University of Maryland Extension Office.