What you’ll learn to do: Use various pricing methods to determine product pricing
We’ll go into a bit more depth on the math of a cost-oriented approach to retail pricing. First, we will learn more about the three components of retail pricing math: cost, markup percentage, and retail price. Additional components will then need to be considered in order to perform a break-even analysis, and we will explore the concepts of gross margin dollars and gross margin percent. Then we will break away from cost-oriented pricing methods and examine retail pricing based on competition and demand.
Contributors and Attributions
- Introduction to Product Pricing Methods. Authored by: Bob Danielson. Provided by: Lumen Learning. License: CC BY: Attribution