Cost-Based Pricing - Business concept of the day
Business Development
322 week ago — 1 min read
Definition: Cost-Based Pricing is a strategic form of pricing intended to cover the expenses of running your business. It is calculated by adding a profit percentage to the total cost of producing a product/service.
Example: A product that costs $100 to make & the sellers desire to make 20% profit will give a selling price of $120.
Business Insight: It is one of the easiest ways to price your products & services. This pricing model allows you to exercise increased scrutiny over your costs.
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