What do you understand by “cost plus pricing” in retailing?
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Cost-plus pricing is a strategy where a retailer sets the price of a product by adding a markup on the overall costs. It's not very complicated or time-consuming, but it has many downsides. Instead of implementing it as a single pricing strategy, you can merge it with dynamic pricing.
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The idea behind cost-plus pricing is straightforward. The seller calculates all costs, fixed and variable, that have been or will be incurred in manufacturing the product, and then applies a markup percentage to these costs to estimate the asking price.
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