How do you plan to price your product or service? Will you make a profit for the first year? How much will your start-up costs be? As an entrepreneur, those are key questions to consider and will be answered in the Price, Profit and Cost course.
This section focuses on the business’ pricing and promotional strategies, and describes the business’ branding and marketing strategies with respect to 2 of the 4P’s of Marketing (Product, Price, Promotions, and Place). Define the business’ target market(s), and use this analysis to influence the branding, positioning, pricing, and promotional tactics chosen. (Product/service has been previously covered. Place/Distribution is further developed in the Operations section of the business plan).
How research results inform marketplace offers
In this session we will:
What is in a Price?
The goal of your business is to make you money, so how do you make sure that the prices you charge are covering your business expenses and earning money for you to take home?
Your Price must cover the Total Cost to get your product or service to the customer plus the amount of Profit you want to earn from each sale.