Question

Adding a standard markup to the cost of the product refers to:

Answer 1

Answer:

cost-plus pricing

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Answer 2

Answer:

cost-plus pricing

Explanation:

• The value that a player adds to the cost price of a product is referred to as markup. The markup is referred to as the value added.
• Retail price is often equal to the markup added to the cost price. The cost to the consumer goes up the higher the markup, and the store makes more money.
• The selling price, or maximum retail price in India, is often determined by the price that the market will bear (MRP).
• After taking into consideration the expenses of production and marketing, companies work backward to determine values for the various FMCG industry stakeholders, including transport, distributors, and retailers.
• Cost-plus pricing is when a standard markup is added to the product's price.

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