Bedaya Center Holds a “Pricing” Workshop for Small Enterprises
Doha, Qatar – 19 October 2020: Bedaya Center for Entrepreneurship and Career Development (Bedaya Center), a joint initiative by Qatar Development Bank and Silatech, in collaboration with the renowned “Bait al Mashura Finance Consultations”, successfully concluded a ‘pricing’ workshop designed for small enterprises. In view of the current circumstances and in line with the efforts and precautionary measures that are being taken to prevent and limit the spread of the Coronavirus (Covid-19), the workshop was live streamed via the interactive “ZOOM” video communications platform.
During the workshop, Mohamed Fahmy, Development and Training Consultant at Bait al Mashura Finance Consultations, gave a brief overview on the concept of entrepreneurship, as it is defined as the process of launching a new product or a company with an adventurous spirit to provide a specific service that caters to the market’s needs for profit.
Moreover, Fahmy explained that the pricing process is the method that the project owner follows to determine the value of the products or services he/she offers to the customers. He explained how the entrepreneur must define the concept of pricing his/her products and the rationale behind it, as he/she must be familiar with the basic concepts of pricing in order to make it easier for him/her in choosing the best policy to achieve success in his/her project.
Fahmy was of the opinion that every entrepreneur has a set of goals that he/she seeks to achieve, and for which he/she established his/her project, and in order to achieve the goal, the pricing process must be done in a correct manner. He said the pricing must be based on a business plan reflecting a feasibility study before the start of the project to guarantee the continuity of the project and assure highest profit rate along with an increase in the market share. During the workshop, a set of pillars and angles were discussed, such as the importance of pricing and its objectives, its strategies in preparing the components of the business plan, comparing goods, and the types of costs and their direct impact on price and profit.
Fahmy concluded the workshop by comparing the different pricing mechanisms, their relationship to marketing, and a set of practical applications were showcased in which the attendees participated. The workshop made the attendees aware that the product pricing process is not done in a random manner but must be based on an in-depth study covering all aspects and frameworks surrounding the product and the logistics behind it.
Talking about the workshop, Mr. Abdulla Faleh Al Saeed - Board Member and Acting General Manager of Bedaya Center said, “At Bedaya Center, we always strive to contribute to enrich the experiences of entrepreneurs in the small enterprise sector, by providing workshops that guide them, refine their spirit and develop their skills.”
“The workshop has successfully addressed the difficulties that entrepreneurs face when they reach the process of pricing their products or services that they provide to their customers. We take this opportunity to thank “Bait al Mashura Finance Consultations”, for their expertise in conducting this workshop through which we presented to the participants the various mechanisms adopted for setting prices based on scientific and documented studies that help them determine prices for their products to ensure the success and continuity of their business,' he added.
From his side, Mr. Abdullah Al-Dereai, Head of PR at Bait al Mashura Finance Consultations, said, “We at Bait al Mashura Finance Consultations are delighted to cooperate with Bedaya Center in this initiative that aims to support and develop entrepreneurship in the State of Qatar, especially in light of the exceptional circumstances that the world is witnessing, which has had a great impact on the performance of projects as a whole. This initiative is unique as it benefits entrepreneurs, especially the small and medium scale ones which contributes to diversifying sources of income, which is one of the most important strategic pillars in Qatar National Vision 2030”.
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