Many inventors have a hard time pricing their product. Why is this? It is because pricing your product is a very difficult task -- one that takes weighing multiple factors. The two main aspects you need to weigh are cost and market factors. We will deal with pricing in a three part series, with the first part dealing with market pricing, the second part dealing with cost pricing and then the third part dealing with how to balance the two.

So now you know what the market determines for your price and you know what your costs tell you about how much you need to charge to make a profit -- now what?

Current Patent Law defines the requirements for patentability as novelty, utility and non-obviousness. The non-obviousness aspect of Patent Law has been a sticking point for many patents and lawsuits. What does non-obvious mean? The Supreme Court has not been able to clearly define this and Congress left the concept vague and subjective when the current Patent Laws were enacted in 1952.

This is another reprint of an article Don wrote for Entrepreneur Magazine. It deals with how to approach manufacturers and designers to lower costs. This is a great addition to our series on pricing so make sure not to miss it.

How can you take a media hot button issue or an innocuous subject and turn it to your marketing advantage?