Discount Pricing Strategy Explained
A pricing strategy is an important element of a lucrative business. More than any other element, a pricing strategy directly impacts the amount of profit you make. Choose a pricing strategy that helps you meet your sales objectives, enhances your brand perception and provides the best profit point for market demand. A discount pricing strategy [&he ... Read More
December 5, 2017 discount pricing, pricing, pricing strategy, profit marginsMaking Sense of Margin and Markup
Pricing is important to business as it can mean the difference when it comes to customer satisfaction. Successful businesses want to maximise margins and markup. Unfortunately, businesses are increasingly using these terms as synonyms for the same concept – the difference between the price goods are sold for and the ‘cost of goods sold’. ... Read More
November 28, 2017 pricing, pricing strategy, profit marginsWhich Volume Pricing Approach is Best for Your Business?
As consumers, we’ve all experienced the way that volume pricing can affect the way we perceive value. Take one slice for $2 or two slices for $3.50? It’s a no brainer – buy two and save one for later. Volume pricing is fundamentally about increasing sales volume, even at the expense of a lower per […] ... Read More
November 25, 2017 ordering costs, pricing strategy, profit marginsMark-ups and margins: Making a profit without the mess
As customers, we all know the frustration when we feel products have been priced substantially higher, creating a very expensive purchase price. What exactly is a mark-up in accounting terms and how does it differ from a profit margin? Mark-ups and margins have sadly been used interchangeably without their true meanings being properly understood. H ... Read More
October 27, 2017 business costs, profit margins, profitabilityMixing up mark-ups and margins?
Margin and mark-up have long since been a source of confusion and an improper understanding of the two can lead to some detrimental effects in terms of loss of income. So, delve in with us and learn about mark-ups and margins! What’s in a word Perhaps one of the keys to understanding these concepts is […] ... Read More
October 20, 2017 business strategy, pricing strategy, profit margins, profitabilityUnderstocking is never as simple as it sounds…
You may think that understocking does not sound that bad, however the reality is there are several knock-on effects which can severely jeopardize the company. Understocking, simply put, indicates a lack of correct stock control and a misunderstanding of supply and demand. These things need to be addressed in order to ensure profitability. ... Read More
October 27, 2016 profit margins, stock control, supply chain management, sustainable inventory, understockingInventory Management vs Warehouse Management
Inventory management and warehouse management are similar functions, and sometimes are used synonymously in practice. However, they are distinct concepts, and it’s important for a business to know the difference. This is especially so if they are considering buying inventory management or warehouse management software packages, that are be ... Read More
August 6, 2015 bin locations, inventory management, product details, profit margins, warehouse management