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FSU - ENT - Class Notes - Week 11

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FSU - ENT - Class Notes - Week 11

School: Florida State University
Department: Entrepreneurship
Course: Entrepreneurship and Contemporary Society
Term: Fall 2018
Tags: Entrepreneurship class, Entrepreneurship, ent2802, FSU, usf, ucf, UF, Cost Based Pricing, Pricing Models, Markup, Practical Ethics, demand, competition, ent, and socialentrepreneurship
Name: ENT2802: Pricing Strategy, Continued (Week 11)
Description: These notes cover week eleven of the ENT2802 course offered at FSU (and other colleges). Topics: Pricing Strategy Demand Pricing Cost-Plus Pricing Competitive Pricing Markup Pricing Entrepreneur Ethics
Uploaded: 11/06/2018
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background image 11/6/2018 ENT2802 Notes Pricing Strategy Part 2 Business Costs Recalibrate your costs when your competitors change their prices (which you would become aware of 
through keeping tabs on their store and being informed)
Costs are often ever­changing Cost­Plus Pricing Total Cost=material+labor+overhead Add above line to Desired Profit % to find a Selling Price Overhead is fixed cost, labor cost may change over time, as can the cost of resources. Demand Pricing Price point is optimum combo of volume and profit Usually sold through different sources at different price points (retailers, discount chains, wholesalers) Retailers charge higher prices because they pay more per unit in that they cannot purchase, stock, and 
sell as great a quantity as cheaper locations or types of stores
Ex: stores in the mall often have limited storage and therefore sell at higher price points but also
clear out their stock often since they can’t order more till they clean out the old.
Competitive Pricing There’s often a market leader who sets the price other smaller companies in the same market must 
follow
Urban or larger settings=more competitive pricing dynamics How to justify a higher selling price: better customer service/better warranty, added value Research price awareness+sensitivity in your niche/market Markup Pricing Calculated by adding cost of product to a set amount Not the same as margin pricing Both can be expressed as values and % though Sales price $200+cost$100= 100%markup Sales price $150­50(cost)=margin 100/50=200%  Entrepreneur Ethics Values Viewed as nature or nurture, represent our paradigm of beliefs and priorities Influence our choices, accumulated over time through experience Social forces changing values: education, faith, family, friends, obstacles, hometown, etc. Morals A person’s set of beliefs on acceptable behavior and unethical behavior ie : honesty, trust Younger generations place heavier influence on honesty because of the greater media focus on 
deception
To Be Continued...

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School: Florida State University
Department: Entrepreneurship
Course: Entrepreneurship and Contemporary Society
Term: Fall 2018
Tags: Entrepreneurship class, Entrepreneurship, ent2802, FSU, usf, ucf, UF, Cost Based Pricing, Pricing Models, Markup, Practical Ethics, demand, competition, ent, and socialentrepreneurship
Name: ENT2802: Pricing Strategy, Continued (Week 11)
Description: These notes cover week eleven of the ENT2802 course offered at FSU (and other colleges). Topics: Pricing Strategy Demand Pricing Cost-Plus Pricing Competitive Pricing Markup Pricing Entrepreneur Ethics
Uploaded: 11/06/2018
1 Pages 109 Views 87 Unlocks
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