Higher or lower? Read the following scenarios and decide if each entrepreneur should raise or lower prices. What basic element of setting optimum prices should they react to?

1. Portia had projected selling 1000 bottles of her organic bubble bath in the first quarter. She had only sold 800 bottles though by the end of the quarter.
2. Most customers found Jacquelyn’s customer service just okay and her hours of operating inconvenient.
3. Verna’s marketing research showed the local coffee shops sold their coffee 25% above her price.
4. Margaret intended that her one of a kind quilts be considered collector’s items.
5. Mary Louise’s customers like the prestige of owning clothing once owned by movie stars and other famous people.
6. Neil is worried; Toys “R” Us has announced that they will be building a store less than a mile from his toy shop.
7.  Pam was interested in selling as many World Series Champion T-Shirts as she could before the next baseball season.
8.  Terry had trouble keeping up with orders for his new lawn care service.