When to Lower Your Price PointYou'll pay the price if you swing the wrong way when navigating the price point waters.

The price debate is a yo-yo dilemma with serious consequences for your business. How do you know if you should be fighting for every penny or luring in customers with low-price deals? You'll pay the price if you swing the wrong way, so here's a guide to navigating the price point waters.

Pricing Scenarios
Before making any rash pricing decisions, step out of your role as entrepreneur and into the role of customer. Looking at the situation through a customer's eyes may shed light on how changing prices, even temporarily, could have a lasting impact on your business. Consider the following scenarios presented by Michal Ann Strahilevitz, associate professor of marketing at Golden Gate University.