How Much Will I Charge (and Why)

      Continuing my journey of becoming and entrepreneur, I recently started to take a look on how much exactly I would want to charge for my product. As a refresher my product is a digital water bottle that can keep track of how much water a person intakes and make sure daily goals are reached through a smartphone app. Now after doing some research and seeing if there was actually a market for this I came across a company called Hidrate Spark. They have the exact same product as what I want to create but with some differences as well. They currently price their product at $54.95. After doing some more research one of my design choices that is not used in their product is having a insulated bottle. The reason for the extra layer of insulation is for drinks to stay cold or warm depending on how the buyer likes it. With this difference alone I would up the cost to around $60 or even $65. My number one goal when creating this product is quality. I want to create a durable and reliable product and with that in mind I settled for the price of $64.95. I believe that people will pay for higher quality, no one wants to keep buying cheap products over and over that will just break in the near future. I want my product to be lively in design as well as highlight all the software features that comes along with it. Long lasting products is the way I would direct my company and future business endeavors. Overall the price of $64.95 is the price needed to create a quality product and as stated earlier people buy quality and my product will be top quality.