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How To Price Your Handmade Products - The Pricing Formula
 
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Want to learn the The Three Secrets to Making a Living Selling Your Handmade Products Online Without Sacrificing Time Away from Your Family or Craft? Sign up for my free workshop here: https://www.creativehiveco.com/workshop
Views: 16454 Creative Hive
Pricing Strategies - How to price a product
 
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http://www.evancarmichael.com/support/ - SUPPORT ME :) Like this video? Please give it a thumbs up below and/or leave a comment - Thank you!!! Help me caption & translate this video! http://www.amara.org/en/profiles/videos/Evan%20Carmichael/ Eduardo Orellana: "Hi +Evan Carmichael I have a question for you, what happens if you've found a product or service that people need and it is extremelly valuable but are having a hard time deciding how much to charge people for it? "
Views: 102546 Evan Carmichael
You Are Pricing Your Product WRONG! How to Determine Optimal Price for Profit
 
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What should you be charging for your product or service? ►Subscribe: https://goo.gl/ScRTwc to learn more secret SEO tips. Find me on Facebook: https://www.facebook.com/neilkpatel/ Read more on my blog: https://neilpatel.com/blog Today I'm going to share with you how to determine the optimal price for your product or service. 0:29 Optimal Price Tip #1 The first thing you need to do is look at your competition. Is your product comparable to theirs? Is it better? Is it worse? Do you have the same feature sets? Do you have fewer features? If your product is easier to use, it has all the same features, and it's higher quality, you can price your product at the same price as your competition or higher. Now, if your product has fewer features than the competition or your service has fewer features, it's not as good, you don't want to be in the same price point. Ideally, you want to be lower. It's just common sense, right? 1:41 Optimal Price Tip #2 Now, the second tip I have for you and this is if you wanna maximize how much income you're making and profit versus capturing the majority of the market because the first tip I gave you, if you wanna put your price lower than the competition when your product's better, it's a great way to gobble up their market share but on the flip side, if you're trying to optimize for profitability, what you wanna do is split test your pricing. You can use Crazy Egg, and you can use Optimizely, VWO. Pick A/B testing tool. Create two pages of your product or service at different price points and keep playing with the price. You can increase it, and you can decrease it. Usually, you want to start off increasing it, and you want to see, alright, can I generate the same amount of sales with the higher price point? If you can, then you want to go with the higher price point then you don't want to stop there just because you got more sales on the front end. If you're unsure of how to price your product or service, leave a comment below with your product or service, tell me what you're thinking, and I'll give you some feedback. If you like this video, tell people about it, share it, subscribe. Thank you for watching, and I can hope to help you come up with the ideal price for your product or service.
Views: 21253 Neil Patel
How Do I PRICE My Products?! | Pricing for Both Retail and Wholesale Business
 
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I often get asked, "How do I price my products for wholesale and retail sales?". This is a tricky subject, but it doesn't have to be complicated. I walk you through the steps I follow every time I launch a new product line. I also give visual examples for how I format my excel document when I'm tracking costs. ▼▼▼MORE INFO BELOW▼▼▼ ----------------------------------------­­­­­------------------------------------­-­- ▼▼▼ MENTIONED IN THIS VIDEO ▼▼▼ Please let me know if you have any questions about pricing in the comments below. This is a lovely community and seeing you talk to each other is extremely helpful and rewarding! Videos Related to Selling Wholesale: https://www.youtube.com/playlist?list=PLvIZjXRogQyn5EIxBSPkomX0xK3nZYm8- More Small Business Tips: https://www.youtube.com/playlist?list=PLvIZjXRogQynhhnuI9qCcsFO0Rt4KDiOK ----------------------------------------­­­­­------------------------------------­-­- Please comment and subscribe. I have a bunch of Etsy/Small Business related videos on the way. ▼▼▼ SUBSCRIBE ▼▼▼ https://www.youtube.com/channel/UC8sHrp-M7ufOjqh5ORk3bHA?sub_confirmation=1 ----------------------------------------­­­­­------------------------------------­-­- ▼▼▼ MY BUSINESS - Mane Message ▼▼▼ MANE MESSAGE: http://www.manemessage.com ETSY SHOP: https://www.etsy.com/shop/ManeMessage ----------------------------------------­­­­­------------------------------------­-­- ▼▼▼ SOCIAL MEDIA ▼▼▼ TWITTER: http://www.twitter.com/manemessage FACEBOOK: http://www.facebook.com/manemessage INSTAGRAM: http://www.instagram.com/manemessage ----------------------------------------­­­­­------------------------------------­-­- ▼▼▼ SUBSCRIBE TO MANE MESSAGE'S NEWSLETTER ▼▼▼ EMAIL NEWSLETTER: http://eepurl.com/biNlZT ----------------------------------------­­­­­------------------------------------­-­- ▼▼▼ JOIN ETSY ▼▼▼ http://etsy.me/2bNbLrp ^ This is an affiliate link. I will earn free Etsy listings if you join using my link.
Views: 46264 Olivia Hayward
Food Product Cost & Pricing Tutorial
 
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Step-by-step directions on how to use the Small Food Business Food Product Cost & Pricing Spreadsheet tool to determine accurate product costs and create a profitable multi-channel pricing strategy.
Views: 219785 Small Food Business
Excel Magic Trick 285: Markup On Sell Price Formula
 
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See how to calculate Sales Price given Cost and Markup On Sales Price. Sells Price = Cost/(1-Markup On Sales Price) Base = Part1/Rate1 Base = Part2/Rate2 Base = Part1/(1-Rate2) Base = Part2/(1-Rate1)
Views: 212349 ExcelIsFun
How to Price for Profit: The Trick to Making Money on Wholesale Sales
 
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Tara shares the formula for pricing products for profit at wholesale. http://cr8.lv/priceyourcraftyt In this clip from the CreativeLive class, Price Your Craft, Tara details the variables that go into setting a price so you make money on your wholesale craft sales. Get more tips on making money by making crafts on CreativeLive. http://cr8.lv/priceyourcraftyt CreativeLive unleashes your creative potential by connecting you directly with the world's most inspiring visionaries. Access courses on Photo & Video, Art & Design, Business & Life, Music & Audio, and Craft & Maker at http://www.creativelive.com
Views: 68953 CreativeLive
How to price a product | Pricing Strategy
 
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How to price a product for your online shop. Here are 9 tweaks you can make to nail those prices on your products. Get the list here: https://m.me/becauseicanclan?ref=Pricing Subscribe: https://alisonprince.com/tv Find out how my 10 and 13-year-old girls sold over 21,000 scarves in 9 months over on the https://0-100k.com/special-webinar-registration Learn how you can start your online store to sell products. Make sure to follow me so you can learn how to run an online store and make money online. Blog: https://www.alisonjprince.com/home Facebook: https://www.facebook.com/becauseicanclan Instagram: https://www.instagram.com/alisonjprince/ Join the Because I Can Clan FB page and find out how other 'clanners' are changing their lives!
Views: 3213 Alison J Prince
Don't Make This Pricing Mistake: How to Price Your Products & Services
 
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This is the dumb pricing mistake entrepreneurs make. Now I'll show you how to fix it. SUBSCRIBE FOR MORE ► http://bit.ly/WqPFyy There's a dumb pricing mistake people make when they price their products and services... ...and it leaves a TREMENDOUS amount of money on the table. (The weird part? This applies to all types of products. Maybe you're selling a piece of furniture... or you'er selling multiple crafts at a craft show... or maybe you're a freelance photographer or web designer...) What is the mistake? Watch this video and I'll explain everything. The best part? Once you know the mistake, it's easy to fix it. Don't take my word on it. Watch the video. See for yourself. This takes advantage of proven psychological pricing strategies. It works for physical products - like crafts, handmade furniture - and for freelance services - like photography, web design, consulting. Oh, and if you liked this video, HIT SUBSCRIBE! http://bit.ly/WqPFyy
Views: 176420 Derek Halpern
How to use Pricing Markup Formula with AliDropship plugin
 
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You will learn how to markup prices using AliDropship plugin and how to make profit dropshipping with AliExpress. More info about the dropshipping find in step-by-step guide: https://alidrop.sh/aldguide All products imported from AliExpress appear with the original prices offered by a supplier. To get profit from your business you need to determine your pricing rules and set your markups and margins. AliDropship plugin features a profound system for pricing markup - the amount added to the cost of goods to cover overhead and profit. To add a new pricing markup rule click “Add new formula”. First step - select supplier price range and assign an arithmetic operation (addition, multiplication or equality) and enter the value of this operation. If you need additional rules for your formula, you can use additional options. Formulas can be applied not only to all categories but for selected ones as well. Click “Save changes” to add your formula. According to the formula shown on your screen, all products with prices on AliExpress between one and five dollars will be multiplied by two and additional 2 dollars will be added to the final price. So if we import the product that costs 3 dollars on AliExpress, the price on our site will be 8 dollars. Once you get an order, you’ll need to pay your supplier 3 dollars and leave 5 dollars for yourself as a profit. After your formula is added all new products imported from AliExpress to your store will get prices, according to your pricing rules. If you need to apply these rules to already existing products on your site click “Update prices” button. To change all prices back to AliExpress original ones click “Reset prices”. Please note: you can create as many formulas as you need. With the help of pricing rounding feature, you can round your prices. You can also set a specific cent value for your retail price. This value will be used when forming final price for your items. More information about AliDropship features you can find in our Knowledge Base: https://help.alidropship.com/ #alidropship #aliexpressdropshipping #dropshipplugin #dropshipping #alidropshipplugin #wordpressdropshipplugin #moneyonline
Views: 12637 AliDropship
Pricing Strategy An Introduction
 
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An introduction to the subject of Pricing Strategy and an overview of some of the tools and theories available in connection with the determining of price of a product or a service. This video is aimed at marketing management students.
Views: 133568 Tine Wade
Pricing Strategies: Cost-Based Pricing
 
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This revision video explains how businesses use costs as the basis for setting their prices. An example of mark-up cost percentages is used to illustrate cost-plus pricing.
Views: 12669 tutor2u
Pricing for Profit: A Simple Formula for Crafters
 
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How much should your pay yourself an hour? http://cr8.lv/aumanbootcampyt When you make your living by selling what you make, pricing will make or break your business. In this clip from the CreativeLive bootcamp with Megan Auman, she shares her formula for pricing wholesale and retail products. Get a complete education on running a profitable and thriving handmade business: http://cr8.lv/aumanbootcampyt CreativeLive unleashes your creative potential by connecting you directly with the world's most inspiring visionaries. Access courses on Photo & Video, Art & Design, Business & Life, Music & Audio, and Craft & Maker at http://www.creativelive.com
Views: 4852 CreativeLive
Manufacturer Price Sheet: Material, Labor, Overhead & Profit
 
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The following video breaks down how a manufacturer should come up with a price for industrial finished goods. First, the company must account for its material costs and apply a 5 percent indirect cost to that portion of the manufacturer's price sheet. This 5 percent is meant to offset overruns in production and or additional costs of financing inventory and material purchases. Second, the company must account for its labor relative to each operation performed to turn a raw material into a finished good. The calculation involves defining the operation and applying the labor cost to both the setup time in manufacturing and the actual run time. Third, all labor costs are added in order to come up with a complete total for all the costs of manufacturing a given product. Those costs are then followed up by the company's overhead, which is calculated by taking its indirect expenses divided by its direct expenses. Indirect expenses are those expenses that are in addition to the the costs needed to produce a part. Direct expenses are exactly that. These include the costs involved or expenses involved in manufacturing the part. Finally, the company adds its mark-up in order to secure a profit on the sale. Profit is critical because it helps to fund the company's pursuit of new product introductions and secure its long-term future. Here is a sample of the Manufacturer Price Sheet in Excel Format http://www.driveyoursuccess.com Video explains how to price a product with direct material, labor, overhead and profit
Views: 33824 Ian Johnson
The Pricing Formula
 
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Learn more about making money - http://www.apexmomentum.com/?t=pricingformula If you want to make money then you need to be able to tell people how much your product/service will cost. If you don't do it the right way however then you will lose out on potential sales. Hence the pricing formula... which shows you the proper way to do so. More training at my blog - http://dukeromkey.com Watch it again - http://www.youtube.com/watch?v=SRFCTcpUjUg
Views: 836 Duke Romkey
Pricing formula worksheet
 
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How to price your handmade goods for Etsy with a pricing formula worksheet
Views: 2050 Janet LeBlanc
How to Price Your Handmade Products on Etsy | A Simple Formula
 
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A simple formula / guideline to help you price your handmade products. Get the free printable here: http://hollycasto.com/free-resources // WHAT'S NEXT ▸ subscribe to my youtube channel | http://bit.ly/21HvTw7 ▸ check out my blog | http://hollycasto.com ▸ sign up for my emails (& get free stuff!) | http://eepurl.com/cj-F_b // FOLLOW ▸ facebook | http://facebook.com/hollycastoblog ▸ twitter | http://twitter.com/hollycastoblog ▸ instagram | http://instagram.com/hollycastoblog ▸ pinterest | http://pinterest.com/hollycastoblog ▸ snapchat | holly_casto // WORK WITH ME ▸ design services | http://bit.ly/1VQyT5H // MY FAVES ▸ etsy - open a shop + get 40 free listings | http://etsy.me/1QIHcRk ▸ shopify - try for free for 14 days | http://bit.ly/1R5hebt ▸ printful - for order fulfillment + shipping | http://bit.ly/1N6nTvQ ▸ quickbooks - for simple bookkeeping | http://bit.ly/22KBbIG ▸ squarespace - for starting a blog or website | http://bit.ly/1i0Rbjp ▸ canva - free graphic design website | http://bit.ly/1fqI5sq // DISCLAIMER ▸ This is NOT a sponsored video. ▸ Some affiliate links are used, which means that I earn a small commission if you click the link and make a purchase.
Views: 23132 Holly Homebody
Is Your Product Too Expensive?  How to calculate price and cost.
 
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How to price your products to maximize demand and profit and create a strong business strategy using the Predictive Innovation Method with Flying Cars as an example. http://www.PredictiveInnovation.com/ Addresses the common economic error of the zero sum game. This is holistic approach to deal with subjective and conditional nature of price. By focusing on the value of using the product you can calculate the price customers are willing to pay, both in money and other factors.
Views: 45956 Mark Proffitt
Struggling to price your product or services? Follow this simple formula...
 
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Often, I get asked "Neil - how do I price THIS product/service?" Now there are many ways to go about it, and in this video I cover one of those ways. It's called 10x Pricing - where you decide how much what VALUE someone can get from buying from you, and then you deliver it at 1/10th of that value. Join our Facebook group for more such videos: https://www.facebook.com/groups/389586768053083/
How to Sell Value vs. Price
 
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People don't buy products, they buy the result that the product will give them. In today's video, I'll teach you what I've taught to more than 2 million salespeople in over 75 countries: how to sell the VALUE and BENEFIT of your product, rather than the price. Learn how to close more deals by applying the right closing technique with my FREE 23 Closing Techniques Battle card, download it here: http://bit.ly/1TWrOxE "The more you focus on the value of your product or service, the less important price becomes." @BrianTracy (Tweet this: http://bit.ly/1TGEqt6) ___________________ Learn more: Subscribe to my channel for free offers, tips and more! YouTube: http://ow.ly/ScHSb Facebook: http://www.facebook.com/BrianTracyPage Twitter: http://www.twitter.com/BrianTracy Google+: +BrianTracyOfficialPage Pinterest: http://www.pinterest.com/BrianTracy Instagram: @TheBrianTracy Blog: http://ow.ly/TXzAT
Views: 141024 Brian Tracy
Product Mix Pricing Strategy | product line and captive product pricing | optional product pricing
 
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Product Mix Pricing Strategy | product line and captive product pricing | optional product pricing Principles of MARKETING (20 + videos) https://www.youtube.com/watch?v=mCAogfEz6bs&t=0s&list=PLU-cxjF-s0HlgTwSl9Xk3bx5z8q7kOD6F&index=12 Management HRM and STRATEGIC MANAGEMENT https://www.youtube.com/watch?v=uO3azOb2icE&t=314s&list=PLU-cxjF-s0Hml7o706eKofZ7D4bXIcJwH&index=6 ACCA PAPER F1 (Link of all videos) https://www.youtube.com/watch?v=JuEvXFhuYLw&list=PLU-cxjF-s0HkgAbbiOP9g2fMlsYSPg0K3 ECONOMICS for beginners | Micro and Macro (45 + videos) https://www.youtube.com/playlist?list=PLU-cxjF-s0HngkQ9xdQ5waYtpEO2MkP-D Basic Statistical Concepts (All videos) https://www.youtube.com/watch?v=APY8KSxxFSo&index=4&t=104s&list=PLU-cxjF-s0HkCIlcZMGfjHMukLIbDji1c Easy ECONOMETRICS (20 + videos) https://www.youtube.com/watch?v=WNf1DLTRlTo&index=7&list=PLU-cxjF-s0Hk0DOXPqauiHBfRgaFpqYxK&t=0s RESEARCH and THESIS Writing (10 + videos) https://www.youtube.com/watch?v=ib7yYggOgpA&t=308s&list=PLU-cxjF-s0HlVJnf2dev1KtoAD3ZljWVg&index=3 Life Skills and Inspirational videos (50 + videos) https://www.youtube.com/watch?v=WM3Upd0MeDg&index=19&list=PLU-cxjF-s0HmnD_TYqmkb6VBL6AusSB_Y OLIGOPOLY and GAME THEORY (6 videos) https://www.youtube.com/playlist?list=PLU-cxjF-s0HnlCialpcyfz0O8xminDXja Intro to Industrial Economics https://www.youtube.com/watch?v=eEGeuqhOVdQ&list=PLU-cxjF-s0HnHTZ05_CY6uGLgwVA3Aj-Q ========= About KOKAB MANZOOR ========= Kokab Manzoor is Certified Trainer | Speaker and Career Counselor. He has trained thousands of students and Professionals about Leadership and Management skills | Motivation | Personality Grooming | Career selection and about variety of other life skills. Has a sound understanding of needed traits for workplace success and a strong ability to train employees in improving those characteristics. Follow me www.Youtube.com/kokabmanzoor www.Facebook.com/kokabmanzoor19 [email protected] http://kokabmanzoor1.blogspot.com/
Views: 3073 Kokab Manzoor
Business Training Video on Price and Product Strategy (Hindi) by DR. Vivek Bindra
 
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In this Video Dr. Vivek Bindra explains in very simple terms, the 4 quadrants of Business practice. This video beautifully explains the following quadrants for start ups, small entrepreneurs, small business etc as follows 1. Value for Money | 2. Opportunistic | 3. Premium | 4. Chinese Market. Through these quadrants Dr. Bindra asks young entrepreneurs to identify their business propositions and determining on which proposition would they like to position their business. This is a very enabling video that seeks to empower the business class society of India today and handhold them to success. If you want to avail the full benefits of this business concept, then do not forget to attend the 6 months long term Leadership Funnel Program To Attend a 4 hour Power Packed “Extreme Motivation & Peak Performance” Seminar of BOUNCE BACK SERIES, Call at +919310144443 or Visit https://bouncebackseries.com/ To attend upcoming LEADERSHIP FUNNEL PROGRAM, Call at +919810544443 or Visit https://vivekbindra.com/upcoming-programs/leadership-funnel-by-vivek-bindra.php Watch the Leadership funnel Program Testimonial Video, here at https://youtu.be/xNUysc5b0uI Follow our Official Facebook Page at https://facebook.com/DailyMotivationByVivekBindra/ and get updates of recent happenings, events, seminars, blog articles and daily motivation.
Setting prices for services and products | Small business | lynda.com
 
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You've just opened a business. What should you charge for your products or services? The four tips you'll learn in this video will help you get started. Watch the follow-up movies at http://www.lynda.com/Business-Business-Skills-tutorials/Small-Business-Secrets/156584-2.html?utm_campaign=jY_0vZ1kv48&utm_medium=social&utm_source=youtube-earned. This specific tutorial is from the Small Business Secrets series presented by lynda.com author Dave Crenshaw. This series covers small business topics such as getting started, writing a business plan, determining your most valuable product or service, hiring people, managing processes, documenting systems, bootstrapping, seeking funding, accounting, controlling costs and profit margins, marketing, creating culture, and more.
Views: 22102 LinkedIn Learning
Drop Shipping Mistake #1 - Pricing Your Dropshipping Product
 
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• Setup your own dropshipping store with Shopify HERE: https://goo.gl/1CuQmC (2-week free trial) I'll be explaining 7 AliExpress dropshipping mistakes that I made in my first attempt at drop shipping, across 7 daily videos. I chose a AliExpress dropshipping product with a retail price that was too low. I had previously explained that a dropshipping product should be selling on your store at between $50-$200. I chose a product that I would sell at $14.99. This price was far too low and significantly reduced my potential total profit amount. The low profit amount also meant that any marketing costs that I spent to drive potential customers to my AliExpress dropshipping store had a significant impact on my final overall profits, and almost made the costs of marketing not worthwhile. All 7 Mistakes I Made With AliExpress Dropshipping: https://www.youtube.com/playlist?list=PLXE2mk0omPu5W6hzKBilrkBFcQwB54LeZ How To Choose A Profitable Dropshipping Product: https://www.youtube.com/watch?v=OBHf0aq7X_A How To Increase Dropshipping Sales: https://www.youtube.com/watch?v=aPqxvWPgACg My First Week Of Dropshipping: https://www.youtube.com/watch?v=ZEBfrQiHNi8 Remember to SUBSCRIBE to the channel for updates on my online business projects, so that you can to learn from my attempts at success :)
How To Add Variable Pricing Product Options In WooCommerce
 
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In this video I show you how to add variable pricing for your projects in WooCommerce using the Gravity Forms Add-on. This useful for store owners that have products that have multiple options such as size, color, etc and the price adjust accordingly to the option. You will need to purchase both Gravity Forms and The Add-on. http://www.gravityforms.com - Gravity Forms http://www.woothemes.com/products/gravity-forms-add-ons/ Thanks to store owner for letting us use this in this tutorial: http://www.handmadetackle - Big Game Fishing Lures
Views: 48340 Michael Grimm
How to Price Aliexpress Products for Profit | Aliexpress Drop shipping Pricing Rules
 
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► Get the Free winning product research PDF: https://goo.gl/Ku84da ► Get the FACEBOOK AD COMMANDMENTS (cheat sheet): https://goo.gl/rp6Mu5 In this video I breakdown how to price products properly on your Aliexpress Shopify drop shipping store, for profit. ►►► Subscribe To My Channel Here: https://www.youtube.com/channel/UCGgsPMatst0hSt3FPwWYBxQ?sub_confirmation=1 _ Recommended playlist: https://www.youtube.com/playlist?list=PL-baMqf8RwT2mIKYmmODLlL1yu2w-hR2r Connect with me here: Connect with me on Facebook: https://www.facebook.com/henryfd10 Follow me on Quora: https://www.quora.com/profile/Henry-Hien _
Views: 3717 Henry Hien
The Marketing Mix - Pricing
 
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On Facebook: https://www.facebook.com/365careers/ On the web: http://www.365careers.com/ On Twitter: https://twitter.com/365careers Subscribe to our channel: https://www.youtube.com/365careers This lesson on Marketing strategy introduces the concept of Pricing. Watch more at https://www.udemy.com/mba-in-a-box-business-lessons-from-a-ceo . This video is part of a series of short lessons about Business Strategy. The complete module can be found on Udemy, as a core part of the MBA in a Box course by CEO Valentina Bogdanova and 365 Careers. The course provides a complete Business Education: Business Strategy, Management, Marketing, Accounting, Decision Making & Negotiation in just under 10 hours. -------------------------------------------------- Marketing module table of contents: Marketing: An Introduction Introduction to Marketing What is Marketing's role? Who works in Marketing? Marketing's key processes Marketing: Building a Marketing Strategy What is a marketing plan? The psychology of customers - needs, wants, and demands Conducting marketing research The different stages of marketing research Collecting Primary Data for Marketing Research Performing client segmentation Choosing a target customer group Marketing: How to set up an effective Marketing Mix The four Ps of Marketing and their importance Marketing: How to set up an effective Marketing Mix - Product decisions The product concept Classifying a firm's products The typical product lifecycle Product branding Product packaging Marketing: How to set up an effective Marketing Mix - Pricing decisions The variables influencing product pricing The demand curve Performing break-even calculations Marketing: How to set up an effective Marketing Mix - Place decisions Setting up product distribution Types of distribution channels The advent of e-commerce Marketing: How to set up an effective Marketing Mix - Promotion decisions The essence of marketing promotion Creating a marketing campaign The importance of social media Marketing: How to set up an effective Marketing Mix - A dynamic concept The four Ps of Marketing - A dynamic concept Marketing: Marketing strategy in the long run Allocating the funds available for Marketing - The budgeting exercise Using KPIs to improve decision-making Short-term vs. Long-term marketing goals Interpreting and calculating the Customer-Lifetime-Value formula -------------------------------- Pricing is the one variable a company can change overnight and see an immediate effect on revenues and profits. However, pricing decisions inconsistent with a firm’s competitive strategy can be dangerous, which is why companies should address the topic with much caution and attention. There are three important components we need to distinguish in this process. The amount a product costs to be produced, the price customers pay to buy the product, and the value they acquire from the product. If a company aims at cost leadership, then the focus will be costs (trying to keep them as low as possible). The company must offer a price slightly lower than the one offered by competitors. Conversely, if a firm’s strategy is differentiation, then the critical factor will be the value delivered to customers. Costs are not that important, as companies offering a differentiated product can charge more. So, pricing must be coherent with competitive strategy, although sometimes it is tempting to adjust prices to stimulate short-term gains of market share and increases of sales. Top-level managers have to stay focused on the big picture and make coherent decisions in line with the firm’s long-term strategy.
Views: 27784 365 Careers
How To Price Your Product | Pricing Strategies For eCommerce and Retail Sales
 
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In this video we cover everything you need to know about pricing your product for sale. We dive into eCommerce pricing, what kind of margins you should aim to reach and what it takes to sale through retail stores. To take advantage of the free trial of Shopify and setup your online store: http://bit.ly/Get-Shopify Margin Calculator Mentioned in video: http://bit.ly/Margin-Calculator Printful Print To Order: http://bit.ly/Try-Printful Back The Cause: http://bit.ly/Support-The-Channel Have you ever wondered how some products sell for hundreds of dollars while others are more affordable? If you’ve had this in mind while pricing your products for sale, I go into detail with the different pricing models you can follow to help you make a decision. Ultimately it depends on what tier your brand sits in, but the terms and content in this video will help you figure all of that out in a strategic way. It’s important to price your product at a sweet spot, a price that your market is willing to pay and you are able to make margins on to keep the lights on. It can be tricky to figure out, but it’s important to know what to strive for early on and then make adjustments as needed. Start A Brand ASAP- Connecting entrepreneurs with the resources and content they need to start their business ASAP. Download the free manufacturer and supplier guide and also receive the E-Series straight to your inbox. http://bit.ly/Apparel-Download John Santos on Social: https://www.instagram.com/johnxsantos/ https://twitter.com/johnxsantos SC: @revivejohnny LINKS TO BUSINESS RESOURCES AND INFO. **** RESOURCE LINKS******** ***Shopify- Website Platform, 14 Day Risk Free Trial http://bit.ly/Get-Shopify ***Bluehost- Web hosting package, 30 Day Money Back Guarantee http://www.bluehost.com/track/bluejay90 *** Design Package- Photoshop, Illustrator & More http://bit.ly/Creative-Cloud1 ***Fiverr- Logo Design and Graphics http://tracking.fiverr.com/SH1rz *AFFILIATE DISCLAIMER: The description may contain affiliate links, which means that if you click on one of the links, I may receive a small commission (at no added cost to you). This helps me create new videos to support your journey. If you could reference back to this description when you are ready to use a service, I’d greatly appreciate it.
Views: 21145 John Santos
Top 5 mistakes to avoid when pricing your handmade products
 
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Pricing is the centerpiece of your handmade business. The reason is simple: to be successful and make a living off your online shop, you need to be profitable. And to be profitable, well… You have to price for profit. Truth is, it can feel very uncomfortable, and if you’re like me and numbers aren’t your favorite thing to play with… well it just sounds like the least possible fun thing to do! The temptation is real to get it over and done with as quickly as possible, but you also risk falling into one the most common pitfalls of costing and pricing your products. If you know deep in your heart that you haven’t spent much time on your pricing strategy, you might want to keep reading and make sure you’re not making one of these 5 costly mistakes. SUBSCRIBE TO MY CHANNEL to get more tips to help you start, grow and profit form you handmade shop: https://www.youtube.com/channel/UCIjZGb-JlfZuUzggOcIx_Mg FREE RESOURCES FOR MAKERS AND HANDMADE SHOP OWNERS: http://tizzit.co/free FREE FACEBOOK COMMUNITY FOR MAKERS AND HANDMADE SHOP OWNERS: https://www.facebook.com/groups/tizzit/ JOIN TIZZIT HQ FOR TRAINING + SUPPORT TO GROW YOUR HANDMADE SHOP https://www.hq.tizzit.co/ THE MAKER'S ROADMAP PLANNER: https://www.tizzit.co/roadmap/ FREE CALCULATOR: https://www.tizzit.co/free
Views: 15374 Deborah Engelmajer
The Best Pricing Strategy - The Apple Way
 
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Please Subscribe here https://goo.gl/6mVLxs to have more videos on business, entrepreneurship, motivation, personal development and success strategy. Setting the right price for a product or a service can be very challenging especially for new entrepreneurs. This is because it can be quite confusing to understand how pricing really works in the market. For example, which of these two products would you buy, the first one is priced at $800 and the second product with the same functions and usage is priced only at $4? Obviously, most of us would choose the $4 product, right? Yes and no. It all depends on 2 important factors which I am going to explain more in this video. If you say yes then why is it that a 256GB iPhone 7 which is priced at $849 is more in demand than a Freedom 251 smartphone which is priced only at $4 a piece? If you say no then why is it that most of us would choose to get a $1 mineral water than the one that is priced at $200 a bottle? So how much should you price your product then? Well, there’s no one right answer to this question because there are so many things that you need to consider such as your overall business goals, how you plan to position your product in the market, your market niche, the costs to produce your products, your product category, and your overall operational costs, just to name a few. Is there a simpler way to do this? Of course, there is, just make sure you know your product category and your positioning strategy. Let me explain. Basically, your product will fall into either one of these two big categories. One is a generic product which can be divided into convenience and shopping products. Convenience products refer to our day to day products such as food, drinks, household products, and so forth whereas shopping products refer to products like clothing, shoes, furniture, and electrical appliances. The second product category is specialty products such as exclusive clothing lines, luxury cars, branded items such as branded bags, watches, shoes, and perfumes. If it is categorised as a generic product just use cost plus profit pricing strategy. Which means, you set your price by adding up the total costs to produce one unit plus the profit you want to make for every product sold. This usually works just fine because almost all generic products are priced this way. But if your product is a specialty product, you need to decide on how you want to position it in the market, more specifically how do you want to position it in the mind of your customers and you can set whatever price you want. The most important thing that you must remember here is this, the moment you enter the market with your product positioning and pricing strategy, it will stay in there forever and, to reposition it later on in the future is almost impossible. For example, Freedom 251 smartphone is positioned as the cheapest and most affordable smartphone in the world and to reposition it just like an iPhone is near to impossible task. Therefore, how should you price your products and services? Decide on your product category and on how do you want to position it in your market. pricing strategies | pricing strategies in marketing | competitive pricing strategy | marketing pricing strategies | pricing methods | business pricing strategies | pricing strategy examples | Follow me on twitter https://twitter.com/moslemanoar Connect with me on linkedin https://my.linkedin.com/in/moslem Follow me on my blog http://moslemanoar.com/ Connect with me on facebook https://www.facebook.com/moslemanoarpage Connect with me on skype moslemanoar
Views: 32762 Success Matters
Recipe Costing Made Easy (Food Service Mathematics)
 
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http://bit.ly/DrProfessorChef - In this video, Chef Colin Roche explains and shares a "Wicked Easy" method for costing and pricing a recipe. He specifically shows you the basic steps of recipe costing and demonstrates how to use a standardized recipe cost sheet, including how to get the plate cost, preliminary selling price and menu selling price. If you enjoy this video, please be sure to hit the like button and subscribe to this channel if you haven't already! Here is a link to the "Book of Yields" that is mentioned in the video - https://amzn.to/2FcvKwH
Handmade Business - Pricing craft products made easy!
 
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If you don’t charge enough for your handmade products you won’t make any money! You won’t be able to buy new materials, you won’t be able to cover your costs and then you won’t be able to make anymore. Sound scary? It should. Getting your pricing right is crucial to your success! You can’t pluck a number out of thin air and use that to set a price. You can’t ask a stranger how much they would pay. And you simply can’t take the amount a product has cost you and multiply it by two and then times by 4 (honestly I have seen that!). To run a successful business you need to know your numbers and I'll happily show you how. If you are making products which won’t sell because they are too expensive (I’ve rarely known this to actually be true!) then you need to rethink your products/suppliers/marketplace not lower your prices!!! Find out more about A Handcrafted Business Handmade Product Pricing Formula here: https://www.ahandcraftedbusiness.com/pricing Discover everything you need for marketing your handmade products at: www.ahandcraftedbusiness.com https://www.facebook.com/AHandcraftedBusiness/ https://www.instagram.com/nicolasmithonline https://twitter.com/AHandcraftedBiz https://uk.pinterest.com/aHandcraftedBiz
Views: 9053 Nicola Smith
Food Costs Formula: How to Calculate Restaurant Food Cost Percentage
 
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What is the food cost formula and how can you use it to calculate your restaurants food cost percentage. I will explain everything you need to know about food costing in this video. As a restaurant owner, manager, operator or chef, you have to know how to calculate your food cost so you can lower expenses and increase your profits. If you enjoyed this video and want more just like them including a free training series called the foundation to a lifetime of restaurant success. Click Here: http://TheRestaurantBoss.com LEARN MORE ABOUT BACON: http://ClickBacon.com DOWNLOAD THE RESTAURANT PROFIT GUIDE: http://restaurantprofitandperformance.com MORE FREE RESTAURANT TRAINING TIPS: http://RestaurantProfitandPerformance.com SUBSCRIBE: http://www.youtube.com/subscription_center?add_user=gromfinboss At The Restaurant Boss, I post weekly training tips for restaurants and bar’s. Tips range from food and labor cost, to restaurant specific marketing and management. I welcome you to check it out and sign up for my FREE video training series. LET’S CONNECT! Facebook - http://facebook.com/TheRestaurantBoss Twitter - https://twitter.com/RyanGromfin Instagram - http://instagram.com/ryangromfin MORE GREAT VIDEOS https://www.youtube.com/user/gromfinboss Please be sure to like this video and leave your comments or questions below as well as share this video with your friends, co-workers and other restaurant owners, managers and operators. I promise to respond to every comment or question! Thank you, Ryan Gromfin The Restaurant Boss http://TheRestaurantBoss.com
Views: 590369 The Restaurant Boss
Pricing Strategies - How to Price Your Product or Services For Maximum Profit
 
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Pricing Strategies - How to Price Your Product or Services For Maximum Profit // There's one simple thing that you can do to make more money. Can you guess what it is? Today I'm going to teach you how to price your product, or service for maximum profit. RESOURCES & LINKS: ____________________________________________ CrazyEgg: https://www.crazyegg.com/ How To Undercut Your Competitors Price (And Still Make Money) [video]: https://youtu.be/TLTL8mzkVLE You Are Pricing Your Product WRONG! How to Determine Optimal Price for Profit [video]: https://youtu.be/Tgnt7VUcvqw ____________________________________________ The first tip I have for you is looking at your costs. If you know your costs are X for your product or service, you got to charge more than that. You don't want to be losing money per sale. Everyone's like, oh my god I'm going to beat my competitors. I'm going to take the Jeff Bezos route and not worry about margins. Well, the reality is, unless you have a big pool of money to blow, you can't do that. You need to make sure it's profitable, including shipping, services, returns, other things like customer service, you need to take everything into account into your price, not just how much it costs for your product or service, but also all the other things like your office space. Once you include all of those things to run your business you'll figure out what you need to sell your product or service for, so you can make a profit. You're not in business just for charity. You need to make a profit and there's nothing wrong with that. The second thing you need to do is understand your target customers. What are your target customers looking for? How do they perceive value when they look at the price? A good example of this is a company called Diamond Foundry. They have figured out how to make diamonds above land. They match all the characteristics of a diamond that you find in the earth and there's really no difference from it. But they found they can do it much cheaper, by making it above land and created these machines to create the exact same composition as it does in the earth, to make a diamond. And when they had really cheap, affordable prices, they found that their sales weren't doing well. Can you guess why? It's because, everyone's like, oh this isn't the same thing, it's too cheap. So the moment they increased their prices, people like, oh wow, the quality of this must be amazing. Sure we'll buy it. There's no difference in the product, but people had the perceived value in their space, that higher price means better diamond. You need to look at your space. It could be that a cheaper price means more sales. Or it could be, cheaper price means fewer sales, because the perceived value isn't there. The third pricing strategy I have for you is anchoring. There's a lot of companies that'll show the initial price of let's say $37 and you may get X, Y and Z, but for $47 you'll get X, Y and Z and also 1, 2 and 3 and also A, B and C, just for $10 more. By using anchoring you'll find that very few people will choose a lower option, which you don't want them to choose, but the majority of the people use the higher option because you're getting so much more value for just a little bit more money. And that'll increase your profitability, especially if those other things that you're adding in don't cost you much at all. The fourth thing I want you to do is A/B test. Using tools like Crazyegg, you can A/B test your pricing, not only to maximize your sales, but also to maximize your profitability. Sometimes getting fewer sales means more profit. Sometimes getting more sales means more profit. Using Crazyegg you can A/B test to figure out what's the right price that you should end up rolling out to generate the maximum amount of revenue and profit. ► If you need help growing your business check out my ad agency Neil Patel Digital @ https://neilpateldigital.com/ ►Subscribe: https://goo.gl/ScRTwc to learn more secret SEO tips. ►Find me on Facebook: https://www.facebook.com/neilkpatel/ #Sales #NeilPatel #DigitalMarketing
Views: 8428 Neil Patel
MS Excel (1/3) Product Info and Pricing using Formula
 
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This video is intended to give visual tutorial on how to use formula in Microsoft Excel 2007. It is not the intention of the video creator to damage or acquire any monetary value. This is solely intended as tutorial to enrich students technical know-how in using Microsoft Excel.
Views: 78 Victor Repatacodo
Pricing Objectives & Strategy
 
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Unit 8 video on Pricing Objectives & Strategy-- Created using PowToon -- Free sign up at http://www.powtoon.com/ . Make your own animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video. PowToon's animation templates help you create animated presentations and animated explainer videos from scratch. Anyone can produce awesome animations quickly with PowToon, without the cost or hassle other professional animation services require.
Views: 27296 Jessica Blaisdell
Product Costs and Period Costs
 
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This video provides a relatively simple, qualitative explanation of how expenses are categorized as either product (manufacturing) costs versus period (non-manufacturing) costs within a production firm and is intended for students just beginning a course in managerial accounting.
Views: 44149 The Accounting Tutor
How to price your handmade products.
 
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Please watch: "Are essential oils and fragrance oils toxic? " https://www.youtube.com/watch?v=JuGOY8nGkvg --~-- How to price your handmade products to sell online, in a brick and mortar store or at a show. Pricing doesn't have to be difficult, but you do need to make sure you're getting paid for the full value of your product. www.unclejonssoap.com
Views: 25709 Uncle Jon's
Costs of Production- Microeconomics 3.3 (Part 1)
 
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In this video I explain the costs of production including fixed costs, variable costs, total cost, and marginal cost. Make sure that you know how to calculate the per unit costs: AVC, AFC, and ATC. Let me know what you think and please subscribe. Get the Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji Next video-drawing the cost curves https://www.youtube.com/watch?v=qYKJdooEnwU Watch Episodes of Econmovies- https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH More videos about the costs of production- https://www.youtube.com/playlist?list=PLE70CA726102FB294
Views: 994863 Jacob Clifford
Cost Calculations Using an Excel Spreadsheet.mp4
 
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This video shows the cost calculations that are a part of the normal Econ 101 class. This is a normal part of the section that is often called the theory of the firm. It describes the process by which a price taker firm (a firm in pure competition) decides what quantity to produce given its costs and given some possible market prices that it will receive for the good it sells. This video uses tables to tell this story. Unfortunately this video is not an accounting video and will not be of much help in formulating a business plan. It is intended to explain one of the core sections of a principles of microeconomics class.
Views: 208358 mcneilecon
Exercise 29 | Excel Practice Book | How To Product Costing & Pricing In Ms Excel
 
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Click Here To Download Practice File__________ http://zipansion.com/3s1Ra Exercise 01 | Excel Practice Book | How To Make Employee Salary In Ms Excel https://youtu.be/7-k4bF53oC4 Exercise 02 | Excel Practice Book | How To Make Inventory In Ms Excel https://youtu.be/n2lOoLZT8So Exercise 03 | Excel Practice Book | How To Make Attendance Sheet With Salary In Ms Excel https://youtu.be/DbZvNycq4K8 Exercise 04 | Excel Practice Book | How To Make Banking Accounting Database In Ms Excel https://youtu.be/Fx6NJ3yWT2o Exercise 05 | Excel Practice Book | How To Make FD Banking Accounting Database In Ms Excel https://youtu.be/8K_xzwvL3xg Exercise 06 | Excel Practice Book | How To Make Emp Time Schedule In Ms Excel Work Hours + Overtime https://youtu.be/ELJj9amzMZg Exercise 07 | Excel Practice Book | How To Calculate Human Age In Ms Excel https://youtu.be/sOspf0b1GLg Exercise 08 | Excel Practice Book | How To Make Mark-sheet Database In Ms Excel https://youtu.be/7Z1yoFX5spU Exercise 09 | Excel Practice Book | How To Calculate Human Birth Age In Ms Excel https://youtu.be/0YL-U8b7S9w Exercise 10 | Excel Practice Book | How To Calculate Day-Night Shift Hours Salary In Ms Excel https://youtu.be/amo9po-oAZ4 Exercise 11 | Excel Practice Book | How To Make Weekly Work Schedule In Ms Excel https://youtu.be/EH0Aupy_n84 Exercise 12 | Excel Practice Book | How To Make Sales Report In Ms Excel https://youtu.be/nqay3Sa2CkA Exercise 13 | Excel Practice Book | How To Make Data Entry (Candidate Data Feed) In Ms Excel https://youtu.be/3I1Uh9je0Jg Exercise 14 | Excel Practice Book | How To Make Departmental Store Reports In Ms Excel https://youtu.be/Gq2AVZGRXxw Exercise 15 | Excel Practice Book | How To Make Garment Factory Wages Data In Ms Excel https://youtu.be/viAXkZmup8c Exercise 16 | Excel Practice Book | How To Make Salary Chart Of Govt. Officers In Ms Excel https://youtu.be/6HlhPJCT-DI Exercise 17 | Excel Practice Book | How To Make Salary Pay Slip In Ms Excel https://youtu.be/khrLJyp7G_o Exercise 18 | Excel Practice Book | How To Make Employee Pay Slip In Ms Excel https://youtu.be/0o0v7oqsW4E Exercise 19 | Excel Practice Book | How To Make Petty Cash log In Ms Excel https://youtu.be/ce9fOVfXZEw Exercise 20 | Excel Practice Book | How To Make Visitors Data Record In Ms Excel https://youtu.be/AHmw5orWrKs Exercise 21 | Excel Practice Book | How To Make Invoice Data Record For Mobile Shop In Ms Excel P-1 https://youtu.be/AS_aV27ZCbo Exercise 22 | Excel Practice Book | How To Make Invoice Data Record For Mobile Shop In Ms Excel P-2 https://youtu.be/gqIuRiFWg-c Exercise 23 | Excel Practice Book | How To Make Inventory Stock Weekly Database In Ms Excel https://youtu.be/QSAEJ3AF6wk Exercise 24 | Excel Practice Book | How To Make Online Shopping Invoice Database In Ms Excel https://youtu.be/X9zoto8bQQs Exercise 25 | Excel Practice Book | How To Make Salary Sheet Report In Ms Excel https://youtu.be/IGQ00NKhgC0 Exercise 26 | Excel Practice Book | How To Make Students Marks Report In Ms Excel https://youtu.be/o7I9PzlPTOc Exercise 27 | Excel Practice Book | How To Calculate Income Weekly | Monthly | Yearly In Ms Excel https://youtu.be/ZmyaGV7vYZo Exercise 28 | Excel Practice Book | How To Calculate Vat & Discount In Ms Excel https://youtu.be/FC_2NEsQmDw Exercise 29 | Excel Practice Book | How To Product Costing & Pricing In Ms Excel https://youtu.be/zKEn1OAva48
Start Your Own Natural & Organic Skincare Business - Step 13: Pricing Your Products
 
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This is STEP 13 in my series of 23 steps to starting your own organic and natural skincare business. In this video we look at pricing your skincare products and the three different prices you'll need to set. I am the Director of Formula Botanica, the award-winning and accredited international online Organic Cosmetic Science School and I work with thousands of organic skincare entrepreneurs all over the world every day. Learn more about Formula Botanica's online courses: Website: https://formulabotanica.com Sign up for a free sample class: https://formulabotanica.com/sample-class Follow us on social media: Instagram: https://www.instagram.com/formulabotanica Facebook: https://www.facebook.com/formulabotanica Twitter: https://www.twitter.com/formulabotanica Free Networking Group: https://www.facebook.com/groups/SkincareEntrepreneurs
Views: 16825 Formula Botanica
The_AR Ecommerer Ecom Start Product Pricing Formula (The_AR Formula)
 
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The_AR Ecommerer Ecom Start Product Pricing Formula (The_AR Formula) Quick Overview what We gonna Discuss later on, In the Path ----------------------------------------------------------------- Important Links: ----------------------------------------------------------------- Sign up for the Private Training: http://eepurl.com/cEKwvf Get Site-Ground: https://www.siteground.com/go/the_ar-ecommerer Hosting Comparision: https://youtu.be/WG2Ks32I8Z4 ---------------------------------------------------- Have Question Email at [email protected] Previous Training: https://youtu.be/ThmqzmvCXPU ---------------------------------------------------- ----------------------------------------------------------------- Today We Discuss the Following Things; ----------------------------------------------------------------- • Overview The_AR Formula. • Explain its 5 Essential Steps. • Explain Profit Percentage %. • Importants Notes. • Much Much More. ----------------------------------------------------------------- Get Connected :) ----------------------------------------------------------------- • Twitter: @The_AR_Ammar • Facebook: @The.AR.Ammar • Email: [email protected] . -~-~~-~~~-~~-~- Explore: " Free Traffic Sources for Online Marketing 2018" https://www.youtube.com/watch?v=p5NZGkcjhJE -~-~~-~~~-~~-~-
Views: 16 Ammar Alam
Pricing Your Product
 
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http://www.dotcomsecrets.com/blog/ || Tom Rich, VP of Marketing for DotCom Secrets and Russell Brunson shares priceless strategies on pricing your product for maximum profitability.
Views: 98833 brentcoppieters
WooCommerce Dynamic Pricing Plugin Tutorial
 
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This tutorial will help you understand the woocommerce dynamic pricing plugin and extension for wordpress. The plugin can be a little confusing so make sure to watch the entire tutorial to help clarify any questions you might have about the woocommerce plugin. This is a plugin for wordpress ecommerce to help you create discounts and sales that you normally couldnt do with woocommerce you can read more about the documenation for the woocommerce dynamic pricing plugin here at woocommerce: https://docs.woocommerce.com/document/woocommerce-dynamic-pricing/ for more tutorials like this or to learn how to create your own ecommerce wordpress website, feel free to visit my website at http://www.darrelwilson.com
Views: 47548 Darrel Wilson
The 3 Most Common Mistakes When Pricing Your Product
 
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It is very important to know how to price your product properly. In this video we're talking about 3 common mistakes that you need to avoid when pricing your product: - Mistake #1 is trying to compete on price - It occurs when you don't know how much your product is worth... So you just take a look at your competitors and think "I'm going to price my products lower than they do, so their customers will choose me instead". - Mistake #2 is setting the price based on your type of product. So, you're thinking "Hmm, I guess this should cost THIS much...?". - And finally, mistake #3 is not giving people to oportunity to give you more money (even when they want to). Watch the video to find detailed answers for these questions, along with simple examples why you shouldn't price your product based on these factors. Also, check out the full blog post + 2 bonus tips here: https://thrivethemes.com/pricing-mistakes/
Views: 5498 Thrive Themes
Pricing Strategy Part 1 || Hindi || Marketing || #4minutemarketing
 
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10 different types of pricing 1) Premium pricing It is a type of pricing which involves establishing a price higher than your competitors to achieve a premium positioning. You can use this kind of pricing when your product or service presents some unique features or core advantages, or when the company has a unique competitive advantage compared to its rivals. For example, Audi and Mercedes are premium brands of cars because they are far above the rest in their product design as well as in their marketing communications. 2) Penetration pricing It is a commonly used pricing method amongst the various types of pricing is designed to capture market share by entering the market with a low price as compared to the competition. The penetration pricing strategy is used in order to attract more customers and to make the customer switch from current brands existing in the market. The main target group is price sensitive customers. Once a market share is captured, the prices are increased by the company. 3) Economy pricing This type of pricing takes a very low cost approach. Just the bare minimum to keep prices low and attract a specific segment of the market that is highly price sensitive. Examples of companies focusing on this type of pricing include Walmart. 4) Skimming price Skimming is a type of pricing used by companies that have a significant competitive advantage and which can gain maximum revenue advantage before other competitors begin offering similar products or substitutes. It can be the case for innovative electronics entering the marketing before the products are copied by close competitors or Chinese manufacturers. 5) Psychological pricing It is a type of pricing which can be translated into a small incentive that can make a huge impact psychologically on customers. Customers are more willing to buy the necessary products at $4,99 than products costing $5. The difference in price is actually completely irrelevant. However, it makes a great difference in the mind of the customers. This strategy can frequently be seen in the supermarkets and small shops. 6) Neutral strategy This type of pricing focuses on keeping the price at the same level for all four periods of the product lifecycl. However, with this type of strategy, there is no opportunity to make higher profits and at the same time, it doesn’t allow for increasing the market share. Also, when the product declines in turnover, keeping the same price effects the margins thereby causing an early demise. This pricing is used very rarely. 7) Captive product pricing It is a type of pricing which focuses on captive products accompanying the core products. For example, the ink for a printer is a captive product where the core product is the printer. When employing this strategy companies usually put a higher price on the captive products resulting in increased revenue margins, than on the core product. 8) Optional product pricing It can be frequently observed in the case of airline companies. For example, the basic product of KLM Airlines is offering or providing seats in the airplane for different flights. However, once the customers start purchasing these seats, they are offered optional features along with the seats. Examples may be extra seat space, more drinks etc. Because of this optional product, there is more revenue generated from the main product. Customers are willing to spend for the optional product as well. 9) Bundling price Ever hear of the offer of 1 + 1 free? In the supermarket, when two different products are combined together such as a razor and the lotion for shaving, and they are offered as a deal, then we get to experience the bundling type of pricing first hand. This strategy is mainly used to get rid of excess stocks. 10) Promotional pricing strategy It is just like Bundling price. But here, the products are bundled so as to make the customer use the bundled product for the first time. This type of pricing focuses on buying one, and getting a new type of product for free. Promotional pricing can also serve as a way to move old stock as well as to increase brand awareness. 11) Geographical pricing It involves variations of prices depending on the location where the product and service is being sold and is mostly influenced by the changes in the currencies as well as inflation. An example of geographic pricing can also be the sales of heavy machinery, which are sold after considering the transportation cost of different locations. Click here to read more on geographical pricing strategy. Facebook Page : https://www.facebook.com/4MINUTEMARKETING/ Instagram Page : https://www.instagram.com/4minutemarketing/ If you find this content helpful, do SHARE it with others. This page is for educational purpose, where I share different contents of Marketing. My goal is to help and educate students with simplest way possible. #4minutemarketing
Views: 2269 4 Minute Marketing
Pricing the Products
 
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Views: 7604 SellOnFlipkart