2.2 Determining the Selling Price and Mark-Up
the lifestyle that one wants to establish will determine the selling price demanded
the higher the expenses the higher the price and vice versa
the further the distance the higher the price
high income earners are prepared to pay more for your product or service as compared to low income earners
freely available goods tends to be much cheaper than goods that are scarce in nature
the more the competition the less the price
drinks and foods cost more at special events like a football match or at the movies because they are delivered and sold there for the convenience of patrons
Tasks
Watch this video for better insights into the roles of human resource management:
Case Studies
Watch the following video to gain some insight into how to determine the optimal selling price:
Case Studies
Watch the following video to gain some insight into how to calculate cost price:
Tasks
Work through the table that follows and then using the same methodology and procedure, work out the missing figures.