Has anyone ever desired to start a business that marketed a product or service? One of the most difficult parts of beginning a business is choosing how much to charge consumers for your product or service. The difficulty associated with this is derived from the intricate procedure of avoiding business failure. To make money on a startup, the owner must generate enough revenue to not only cover the costs of running the business, but also bring in a profit, which is the business's revenue.
No one chooses to start a business in order to make a profit! Charging too much or too little money causes the product or service to become uncompetitive in the market, if the startup is unable to pay the necessary amount, it will likely fail. Charging too much can lead to the target audience looking for more practical options. Charging too little can lead to a lack of profits from sales. As a result, choosing a starting price point is a common decision that affects many new business owners.
If you're considering starting a business, this course will walk you through the steps of planning and executing a smart, future-oriented price strategy that will position your business for a profitable return.
Recommended study time: 50 hours. Completion grants you 50 CPD points. See the Certification section for more information.
Module 1: Considerations to Take into Account When Pricing a Product
Price, Cost, and Profit: How are they related?
When to Price Point
When to Review the Price Point
Price-based value
The association between product and price
Module 2: The Price of Your Product
Market Research on Products
Price Plus Cost
Demand Priceing
Pricing that is above the market
The margin of profit and long-term planning
Module 3: The Price of Your Service
Market Research on Services
Estimating Daily Rates
Identifying the Cost of Contracts
The perceived value of the product vs. the profit margin.
Module 4: Making Price Changes
How to Study the Market's Trends
When to make price adjustments and when not to do so
Comparisons to Price Changes
Increasing the Price of Things
Module 5: Maintaining Practices About Price
Ongoing market research
Maintaining a profit system.
Predicting your Market's Future
Who is this educational program intended for?
Anyone who wishes to begin a business, but wishes to learn more about the pricing process.
Those who've already begun their business, but believe that their prices are not competitive.
Small business managers or leaders.
People who want to expand their small business understanding and abilities.
Anyone interested in the entire process of creating and maintaining a small business.
Career route
After completing the course, you can:
Pricing services and goods with confidence in your business.
Don't dwell on other aspects of your business, knowing that you have the necessary skills to set prices.
Help other companies with their pricing decisions.
Paraphrase the text in English: The knowledge you have is shared with the rest of the world.
