What is the customer willing to pay for my product?

The best pricing strategy is not doubling your cost of production or adding a few dollars to your cost to get the price of a product. The best pricing strategy is to find out how much your customer is willing to pay for that product. If your customers are willing to pay $500 for a product that costs you $50 to make, then your price should be $500. Conduct market surveys and research and find out what exactly your customers are willing to pay, then set your price that way. This is not just because you want to make the profit, it is also because you don’t want to give your customers the impression that your product is substandard.