Search results “Determining price of a product”
Pricing Strategies - How to price a product
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: 94913 Evan Carmichael
You Are Pricing Your Product WRONG! How to Determine Optimal Price for Profit
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: 18508 Neil Patel
Don't Make This Pricing Mistake: How to Price Your Products & Services
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: 173150 Derek Halpern
How Do I PRICE My Products?! | Pricing for Both Retail and Wholesale Business
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: 43245 Olivia Hayward
Setting prices for services and products | Small business | lynda.com
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: 20718 LinkedIn Learning
Determining the Price - Factors to Consider
This video explores the 7 factors that impact a business' decision when pricing their product.
Views: 10945 Jason Richea
Food Product Cost & Pricing Tutorial
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: 213214 Small Food Business
Costs of Production- Microeconomics 3.3 (Part 1)
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: 924388 Jacob Clifford
Pricing Strategy An Introduction
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: 123093 Tine Wade
Pricing Design Work & Creativity
Confused about how to price creative services? Are you charging hourly versus value based pricing? Is there a better way to determine what is fair to you and fair to the client? Watch this video and see how much money you are potentially leaving on the table by not pricing the client. Price the client and not the job. 👉Subscribe: https://goo.gl/F2AEbk How much do you charge for designing a logo? Are you undercharging your creative work? Learn how to charge 10 times more for a logo. Pricing design services. Part 3 of Money Talk workshop. 3:40 Why logos are worth more to some companies than others? 5:40 Price the client not the job 7:45 What does Blind charge to design a logo? 8:25 How do you quantify/justify the hours to a client? 9:45 Paula Scher's approach 11:40 Pricing role play 13:20 Most entrepreneurs value time. Symmetry of logic. 21:20 Clients don't choose the best option. They choose the least risky option. _ Listen to our podcast on iTunes: The Futur https://itunes.apple.com/us/podcast/the-futur/id1152604340?mt=2 HOW TO SUPPORT THE FUTUR: Purchase a Kit: http://theskool.co/collections/all or subscribe to the secret and private Master mind group on Facebook with exclusive videos not released anywhere else. Use our Amazon Affiliate Link: http://astore.amazon.com/chrisdo-20 Buy useful design tools from Creative Market: https://creativemarket.com/?u=ChrisDo Get your business cards printed at Moo: http://www.moo.com/share/qn6x98 _ Connect with us online: http://thefuturishere.com https://www.facebook.com/theFuturisHere/ https://twitter.com/thefuturishere Need brand strategy help? Visit Blind LA’s WEBSITE: http://blind.com Connect with Chris Do: https://twitter.com/theChrisDo Twitter https://www.facebook.com/BizOfDesign https://www.instagram.com/thechrisdo The PROCESS Credits: Executive Producer– Chris Do Hosts– Chris Do Director– Aaron Szekely Cameraman– Aaron Szekely, Andrew Truong Producer– Aaron Szekely Editor– Aaron Szekely, Mark Contreras Show Open– designed by William VanSkaik, animated by Bara Kwon Translations: Mandarin Traditional— Angie Hu Mandarin Simplified—Siyu Lee Spanish— Pablo Del Mares === *By making a purchase through any of our affiliate links, we receive a very small commission at no extra cost to you. This helps us on our mission to provide quality education to you. Thank you.
Views: 1434831 The Futur
Market equilibrium | Supply, demand, and market equilibrium | Microeconomics | Khan Academy
Equilibrium price and quantity for supply and demand Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/market-equilibrium-tutorial/v/changes-in-market-equilibrium?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/supply-curve-tutorial/v/long-term-supply-curve-1?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 850782 Khan Academy
How to Price for Profit: The Trick to Making Money on Wholesale Sales
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: 63332 CreativeLive
How To Price Online Products
http://www.ExponentialPrograms.com/internet/bootcamp This video discusses how to determine the price for online products.
Views: 579 BusinessMastery
What Do I Charge- Find Your Product Pricing Sweet Spot
C'mon over to http://marieforleo.com/2012/03/how-much-to-charge where the main discussion happens after the episode! "What do I charge?" is a question I hear ALL the time and in this video, learn how to determine the right price for your product or service. First, learn about product positioning within your busines. Then I'll show you why it's important to consider big picture positioning too. You'll also learn why it's important that you quantify the results you are promising to your customer by figuring out how the result will translate into more time, money, love, health, etc. for your customer. By following these simple tips you can put the right price on almost anything and finally tackle that burning question of exactly how to price things. If you enjoyed this video, sign up for your free weekly business and life advice at http://www.marieforleo.com. And if you're interested in more videos on how to be a star in your industry, check out our YouTube playlist on that exact topic here: http://www.youtube.com/user/marieforleo#grid/user/B4AFA6FF4D36CEE0 Thanks for watching! http://marieforleo.com/2012/03/how-much-to-charge/ Our channel: http://www.youtube.com/marieforleo
Views: 100155 Marie Forleo
How to Determine Menu Price Point | Restaurant Business
Watch more How to Get into the Restaurant Business videos: http://www.howcast.com/videos/506569-How-to-Determine-Menu-Price-Point-Restaurant-Business Once you have your menu planned, you need to spend some time thinking about the menu price points. It's important to remember that you have only one chance to make a last impression and the pricing of your restaurant will be the last thing, the last taste, in your guests' mouth as they leave. They will have just signed the check and they're going to make a judgment, "Was it worth what it cost me?" And then they're going to be reminded of that, if they paid by credit card, when their credit card bill arrives and they're going to say "Was that worth it?" So you need to remember the value proposition. It's not what you spend, it's what you get for what you spend. What you should have as your goal is that when someone pays for their meal, they say "Wow! That was amazing. I would have even paid more." What you don't want is for them to get the bill and say "Really? That's what I'm paying for what just happened?" They're never coming back. Think long and hard about your price points; they are part of a relationship with your guests that you want to continue. Menu price points have a profound impact on your business. You need to think about first, does it fit my business? People know when they spend money on food in a restaurant, that they're not just buying the food. They're also paying for the entire staff of the restaurant, the air conditioning, the electrical bill, the garbage removal, the flowers, the printed materials; they're paying for all of that. When they look at a price on a menu, they say "Does this fit the entire experience I'm getting? Does it match up with the feeling and idea of this restaurant?" So the first thing you need to determine is "What price points match the experience that you're delivering to your guests?" The next thing that you might want to do is decide "What style of service will I provide in this restaurant?" Is it counter service? Is it table service? Is it very high-level waiter/captain/bus boy service? How something is delivered will determine how much value it has to the guests. Also, what it's delivered on. Are you going to deliver this food on a paper plate? Prices better be very reasonable. If you're going to bring it on beautiful china, you can charge a bit more. Once you've decided how this restaurant menu pricing is going to match your restaurant and how it feels, you also need to consider the cost of each particular item. Now most people understand that chicken will be cheaper than beef, which will be cheaper than lobster; there are some surprises in there that you need to watch. Sometimes those specialty greens that you get from the farmer, who comes to the green market in your area, actually cost a lot more on the plate than the protein. It is very important when you're trying to price a specific dish that you know how much it costs; that's what is called your food cost and your food cost is a vital part of the financial success of your business. So you need to really work with your team to determine exactly how much that plate costs to deliver, to produce, and to put on a plate. Then you know how much you may have to charge for that dish. You also might have to make some difficult decisions and decide that dish is just too expensive to produce. How can we make it a great value? Another important thing to consider in menu planning, in terms of pricing, is what's called the sales mix. You don't sell the same number of every item. Some items are best-sellers, some you sell a moderate amount of, and some you just sell a few of. The things you sell more of, have a more profound impact, proportionally, on your profitability. So when you're thinking about pricing, you have to use it to work with your sales mix so that the entire revenue works for your food costs.
Views: 35519 Howcast
Excel Magic Trick 285: Markup On Sell Price Formula
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: 202810 ExcelIsFun
Determining the Wholesale Price of Your Product Idea (Royalties Part II)
Licensing is the fastest and least risky way of bringing your product ideas to market. To get an idea of how much you'll make from a licensing deal, you need to understand what your product will cost to make and retail for. Volume is also crucial! David Fedewa explains how to get the information you need to make a sound deal. David Fedewa is inventRight's Advanced Negotiations Coach. He has invented and licensed about six ideas now. inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit http://www.inventright.com for more information and to become their student. Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas. New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB. Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: http://amzn.to/1T1dOU2. inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
Business Training Video on Price and Product Strategy (Hindi) by DR. Vivek Bindra
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.
Determining Price Points Within a Niche
training lessons from InternetMarketingUniversity.com courses
Views: 259 InternetMarketingU
The Marketing Mix - Pricing
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: 24838 365 Careers
Introduction to Marketing: The Importance of Product, Price, Place, & Promotion | Episode 118
Subscribe to Alanis Business Academy on YouTube for updates on the latest videos: https://www.youtube.com/alanisbusinessacademy?sub_confirmation=1 Marketing is everything involved in creating, communicating, and delivering value to customers, clients, and even society. Marketing is involved in everything from the market research that goes into determining what products consumers are looking for, to the message that is transmitted to consumers to inform them about a product and even persuade them to purchase it. In between those stages, marketing also plays a prominent role in determining how the product should look, designing the packaging that will enclose the product, deciding whether to sell the product through traditional retailers or entirely online, and establishing a price point that is not only attractive to consumers but allows gives the business the opportunity to be profitable. Now when most people think of marketing they often think of advertising, which is completely understandable given we are are constantly exposed to advertisements at home, at the office, and even during our commutes. Although advertising is a component of marketing it certainly does not explain the entire subject. In fact, advertising is simply one of the four different types of promotion, and promotion is one of the four main elements of marketing. So you can see that advertising, like the other marketing elements, merely plays a role in helping businesses create, communicate, and deliver a single unified message to potential customers. So how does a businesses create, communicate, and deliver value to its customers? Although there are many variables at work, a business can increase the probability of success by creating an effective and consistent marketing mix. Often referred to as the 4 P's, the market mix is a collection of four elements that outline the strategy for how a business intends to reach its customers. These four elements include product, place, promotion, and price. The product includes the tangible product or intangible service that will be used to fulfill a customer need or want. The features of a product, its physical form, packaging, warranties, and even after-sale service are all included under the product strategy. Place includes how a business intends to get products from the location they are produced to where they can ultimately be consumed by consumers. Place is often referred to as distribution since we are dealing with logistics. However, place not only includes the physical distribution of the product but also the channel through which it will be sold. Promotion involves establishing the most effective method for communicating with its customers about the various products that it sells. Promotion is primarily meant to communicate, inform, and persuade. An effective promotion strategy, like the other marketing mix elements, depends upon a businesses knowledge of its target customer. This knowledge allows a business to select the best way to communicate with its core audience and ultimately increase the success of its communications. The last element of the market mix is price. Price is the easiest marketing mix element to alter from a technical sense, however it is the most difficult thing to change. The reason is that altering the price of a product affects what consumers pay for that product, and a business can only charge as much as the market is willing to pay for a product. Technically a business can charge whatever price it wants, but that does not mean that consumers have to pay that price. Like the other marketing mix elements, price can send a message to consumers. For example, many believe that maintaining low prices is the best method to attract consumers. Although this can be an effective pricing strategy for certain items, it can also confuse consumers. For example, Tiffany & Co. sells expensive jewelry and is known for high quality and is one of the most recognizable brands. Because Tiffany & Co is known for quality and maybe even exclusivity, it wouldn't benefit from a low price point. Dealing with the psychological aspect of pricing, consumers tend to view less expensive items as cheap in quality compared to their more expensive counterparts. Although this doesn't always hold to be true, businesses are very aware of the impact that price can have on the perceptions of consumers.
Factors Affecting Demand.
Transcript: Let’s imagine we are all consumers. What makes us want to buy more apples or fewer apples? Prices. At $2, we’ll say, nah, it’s too expensive. Let’s just get 1. But if the price drops to $1, we’ll say, cool, let’s get 3 apples now. Tastes and preferences. Hey, I saw an advert today. Apples are good for health. All of a sudden, I want to buy more apples. When tastes shift towards apples, demand for apples increases. Price of complements. We say goods are complements of each other when they are normally bought together. For example, printer and ink cartridges. Or bread and jam. If bread gets cheaper, what happens to our demand for jam? Well, bread gets cheaper, we buy more bread, so we’ll buy more jam. Price of substitutes. Substitutes are goods that are bought for the same purpose. For instance, Pepsi and Coke are substitutes. When price of Pepsi drops, we’ll start to think, hey, let’s buy fewer cans of Coke and switch to Pepsi. They are the same thing anyway. So when price of Pepsi drops, demand for coke decreases. Income. You know, we all have this lust for material stuff? And we think that when we make more money, we are going to buy more of this and this and that? These type of goods are called normal goods. When our income increases, we want to get more normal goods like cars. There’s another category of goods called inferior goods. For example, food from roadside stalls. Perhaps your income increases and think, this food is inferior! You have more money, you want to eat in a restaurant now. When our income increases, we demand fewer inferior goods. Expectation of prices. “There’s a drought going on in Thailand. Shortage of rice in the near future is expected”. Crap, no rice? Man, I think price of rice is going to increase. Better go buy and stock up some rice now. So if we think future prices of rice will increase, our demand for rice today increases. Population. When the number of people on an island increases, the demand for houses increases. When population increases, demand for something will increase. So this is the summary. But hey, there are so many factors affecting demand. I’m getting confused. How do I graph the demand curve? If you like this video, remember to like and subscribe. Next up: The demand curve. _____________________________________________________
Views: 43449 Economics Mafia
Determining The Price Point Of Your Hardware Product
Want to get your questions answered by Bay? Send him one on Whale @: https://askwhale.com/add/betabay Can't wait to see what questions you have! -- ► Subscribe to My Channel Here: http://www.youtube.com/subscription_center?add_user=BayMcLaughlin -- Find Bay Here: Website: http://betabay.me Facebook: https://www.facebook.com/baymclaughlin Twitter: https://twitter.com/betabay Whale: https://askwhale.com/add/betabay Instagram: http://instagram.com/betabay1 Medium: https://medium.com/@betabay LinkedIn: https://www.linkedin.com/in/betabay/ -- Music: Sentimental by Sro Parallel by Sro
Views: 23 AskBetaBay
Pricing Strategies with Chris Do
Emmy award winning director and designer Chris Do joins me to discuss pricing strategy. Chris is the Chief Strategist and CEO of Blind and the Founder of The Futur— an online education platform that teaches the business of design. We cover a lot of ground in this episode including value-based pricing, determining a customer's perceived value, differential pricing ethics, pricing psychology, ultimate versus proximate customer needs, raising prices, the placebo effect, channel conflict, and benefits selling. Whew! How To Price Design Services & Make More Money https://youtu.be/RKXZ7t_RiOE The Futur https://www.thefutur.com/ ► Subscribe to Scott's Videos Here - https://www.youtube.com/channel/UCzbuxqcashj31EY2Zc4RVCg Scott W. Davis, Ph.D. (host) Assistant Professor of Marketing University of Houston-Downtown Marilyn Davies College of Business https://www.scottwdavis.com https://www.linkedin.com/in/scottwdavis/ https://twitter.com/scottwdavis Please Subscribe and Review my show For iPhone/iPad/iPod listeners – https://itunes.apple.com/us/podcast/t... Grab your phone or device and go to the iTunes store and search “To Market with Scott Davis” This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app. Every time I produce a new episode, you’ll get it downloaded right on your iDevice. For Android listeners – http://www.stitcher.com/s?fid=164160 Download the Stitcher Radio app (free) and search for “To Market with Scott Davis.” Or, if you have already downloaded a podcasting client, follow the directions in the next sentence. For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is http://feeds.feedburner.com/ToMarketWithScottDavis
Views: 1776 Scott Davis
EOtv - Tips on determining the right price for your product
Accelerator participant Beth Zimmerman gives tips on determining the right price for your product, EO San Antonio member Rob Simmons grows his business through community outreach, and the Tip of the Week from EO speaker Mark Eaton, and MUCH MORE! Week of May 11, 2009
Solving for equilibrium price and quantity mathematically
This video goes over the 4 steps necessary to solve for equilibrium price and quantity in common economic and microeconomic problems. These 4 steps involve finding the demand and supply equations, setting each equal to quantity which allows you to set them equal to each other. This means that you are left with one equation and one unknown. The unknown will be the price variable and once you solve for this you will be able to plug it into either quantity equation in order to solve for market equilibrium. More informaiton on this topic is available at http://www.freeeconhelp.com/2011/09/how-to-find-equilibrium-price-and.html
Views: 397066 Free Econ Help
Product Costs and Period Costs
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: 42598 The Accounting Tutor
Marketing: Pricing
Marketing: Overview of price and pricing.
Views: 39981 Brian K. McCarthy
Revenue, Profits, and Price: Crash Course Economics #24
How do companies make money? What are profits? Revenues? How are prices set? This week, Jacob and Adriene are talking business. Whether you're selling cars, pizza, or glow sticks, this video has pretty much all the information you need to run a business. Well, not really, but there's a lot of good stuff in here. *** Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Eric Kitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, Moritz Schmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, Elliot Beter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, Caleb Weeks -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 425280 CrashCourse
Calculating the Elasticity of Demand
Elasticity of demand is equal to the percentage change of quantity demanded divided by percentage change in price. In this video, we go over specific terminology and notation, including how to use the midpoint formula. We apply elasticity of demand to the war on drugs, and more broadly to the prohibition of a good when it has an elastic demand. Microeconomics Course: http://bit.ly/20VablY Ask a question about the video: http://bit.ly/1Qysho1 Next video: http://bit.ly/1S1yhuZ Help us caption & translate this video! http://amara.org/v/GCsY/
What Are The Factors Determining Price?
"DISCOVER What Are The Factors Determining Price? LIST OF RELATED VIDEOS OF What Are The Factors Determining Price? What Are The Factors Of 30? https://www.youtube.com/watch?v=gzC_W19voaE What Are The Factors Of 48 That Are Composite? https://www.youtube.com/watch?v=mF5p7V5fhNA What Are The Factors Of 54? https://www.youtube.com/watch?v=--lKNcafCCI What Are The Factors Of 56 In Pairs? https://www.youtube.com/watch?v=TRY5qIt8Jgw What Are The Factors Of 96? https://www.youtube.com/watch?v=BqnffCNb2jk What Are The Factors Of A 100? https://www.youtube.com/watch?v=Ic_z-wBEqFc What Are The Factors Of Lifestyle? https://www.youtube.com/watch?v=DmRkfpg6Mew What Are The Factors Of Production? https://www.youtube.com/watch?v=UyHK1wzk1js What Are The Factors Of The Number 57? https://www.youtube.com/watch?v=Wy0EBFKu0MY What Are The Factors That Affect Buoyancy? https://www.youtube.com/watch?v=Df_MhTcixHg"
Food Costs Formula: How to Calculate Restaurant Food Cost Percentage
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: 562371 The Restaurant Boss
How to Conduct a Breakeven Analysis
Subscribe to Alanis Business Academy on YouTube for updates on the latest videos: https://www.youtube.com/alanisbusinessacademy?sub_confirmation=1 One of the tools that companies utilize to set prices is the breakeven analysis. This analysis helps companies determine the number of product units they would need to sell to cover their variable and fixed costs. In this brief video,​ I'll walk you through how to calculate the breakeven point.
Views: 171102 Alanis Business Academy
How to Price Your Product | Retailbound
This video is designed at helping you determine how to price your product! For additional assistance visit www.retailbound.com and check out our iPhone app to help your price your product by clicking here: https://itunes.apple.com/us/app/iretail-margin/id620272986?mt=8 www.retailbound.com www.twitter.com/retailbound www.facebook.com/retailbound
Views: 140 retailbound
🏷 🔍 Price Discovery | How Prices Are Determined?
How prices are determined? What can we learn from knowing the price discovery process? Learn Austrian Economics in a fun way! The script was based on: Peter G. Klein lecture: “Fundamentals Of Economic Analysis: A Causal-Realist Approach - 3. The Determination of Prices” https://mises.org/library/3-determination-prices-1 Percy L. Greaves, Jr., “How Prices Are Determined” https://mises.org/library/how-prices-are-determined LINKS SUPPORT our project: http://bit.ly/2fgJR9e Visit our website: http://econclips.com/ Like our Facebook page: http://bit.ly/1XoU4QV Subscribe to our YouTube channel: http://bit.ly/1PrEhxG ★★★★★★★★★★★★★★★★★★★★★★★★★★ Music on CC license: Kevin MacLeod: Home Base Groove – na licencji Creative Commons Attribution (https://creativecommons.org/licenses/...) Źródło: http://incompetech.com/music/royalty-... Wykonawca: http://incompetech.com/ ★★★★★★★★★★★★★★★★★★★★★★★★★★ Econ Clips is an economic blog. Our objetive is teaching economics through easy to watch animated films. We talk about variety of subjects such as economy, finance, money, investing, monetary systems, financial markets, financial institutions, cental banks and so on. With us You can learn how to acquire wealth and make good financial decisions. How to be better at managing your personal finance. How to avoid a Ponzi Scheme and other financial frauds or fall into a credit trap. If You want to know how the economy really works, how to understand and protect yourself from inflation or economic collapse - join us on econclips.com. Learn Austrian Economics in a fun way!
Views: 4461 EconClips
Factors affecting supply | Supply, demand, and market equilibrium | Microeconomics | Khan Academy
How the price of inputs, price of related goods, number of suppliers technology, and expected future prices affects the supply curve Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/supply-curve-tutorial/v/long-term-supply-curve-1?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/supply-curve-tutorial/v/law-of-supply?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 419022 Khan Academy
What Factors Influence The Price Of A Product?
"OBSERVE What Factors Influence The Price Of A Product LIST OF RELATED VIDEOS OF What Factors Influence The Price Of A Product IN THIS CHANNEL : What Factors Influence The Price Of A Product? https://www.youtube.com/watch?v=g6jwq5nAOuA What Does Outmigration Mean? https://www.youtube.com/watch?v=v2ynZe9Y_rU What Is Aritha Powder Used For? https://www.youtube.com/watch?v=zRt0ZmdyhX8 What Does Sostac Stand For? https://www.youtube.com/watch?v=pRF5D-uUGQs What Does The Acronym SEM Stand For? https://www.youtube.com/watch?v=mAVvpabZWuk What Does TTL Mean In Internet Slang? https://www.youtube.com/watch?v=JLnSJmeaBdg What Does To Revise Mean? https://www.youtube.com/watch?v=hJBEopwEW08 What Does ROI Measure? https://www.youtube.com/watch?v=kIbpKpvCCEU What Does The Slang Word SMO Mean? https://www.youtube.com/watch?v=5PBmS-g0a1U What Does TTL Mean In DNS? https://www.youtube.com/watch?v=Cp7YzYIx9Wg"
Views: 334 sparky Facts
Profit Maximization
This video shows how to maximize profit, and it derives the condition under which profit is maximized. For more information and a complete listing of videos and online articles by topic or textbook chapter, see http://www.economistsdoitwithmodels.com/economics-classroom/ For t-shirts and other EDIWM items, see http://www.economistsdoitwithmodels.com/merch/ By Jodi Beggs - Economists Do It With Models http://www.economistsdoitwithmodels.com Facebook: http://www.facebook.com/economistsdoitwithmodels Twitter: http://www.twitter.com/jodiecongirl Tumblr: http://economistsdoitwithmodels.tumblr.com
Views: 254074 jodiecongirl
Linear Demand Equations  - part 1(NEW 2016)
This is an update to the 2012 version of the lesson introducing how to determine an equation for demand using price and quantity data from a demand schedule or a demand curve. In parts 2 and 3 of this lesson we'll examine how changes in price and the non-price determinants of demand will lead to movements along a demand curve or a change in the 'a' and 'b' variables and a shift in demand. Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! http://econclassroom.com/?page_id=5870
Views: 81603 Jason Welker
Price Ceilings and Floors- Economics 2.6
In this video I explain what happens when the government controls market prices. Price ceilings are a legal maximum price and price floors are a minimum legal price. Make sure that you can draw each of them on a demand and supply graph and identify if there is a shortage or a surplus. Keep in mind that your teacher may use the word "binding" to describe the situation where the price control has an effect on the market. If you need more help, check out my Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji Next videos showing what happens to consumer surplus, producer surplu, and dead weight loss https://www.youtube.com/watch?v=n0LXkA9kato All Microeconomics Videos https://www.youtube.com/watch?v=swnoF... All Macroeconomics Videos https://www.youtube.com/watch?v=XnFv3... Watch Econmovies https://www.youtube.com/playlist?list... Follow me on Twitter https://twitter.com/acdcleadership
Views: 656701 Jacob Clifford
Step 2: Determining Your Price
How to determine your YeboYethu share price.
Views: 784 Vodacom SA
How to Calculate  Consumer Surplus and Producer Surplus with a Price Ceiling
Tutorial on how calculating producer and consumer surplus with a price ceiling and how to calculate deadweight loss. Like us on: http://www.facebook.com/PartyMoreStudyLess
Views: 335327 Economicsfun
Using Export Data to Find Markets and Price Products
Use data to pinpoint markets in specific countries. Experts from the Data Dissemination Branch will demonstrate how foreign trade data from the U.S. Census Bureau can help you find emerging markets, determine market share, analyze competition and find average selling prices for thousands of commodities. Learn More: http://export.gov/webinars/eg_main_034834.asp May 18, 2011
Revenue and Pricing Metrics - Part 3
Part 3 of the 2014 Marketing Metrics Webinar Series. This webinar addresses key data used to correctly set a pricing structure for a product launch. The webinar covers determining price elasticity, calculating the volume needed for profitability, and tracking returns on marketing investments.
Perfect Competition and Profit Maximization
This video goes over the basics of profit maximization for a perfectly competitive firm. We explore the profit maximizing point graphically by comparing marginal cost with marginal revenue. The perfectly competitive market structure is interesting because it has a constant price and average price because it is a price taker. More information is available at http://www.freeeconhelp.com/2012/01/perfect-competition-and-profit.html
Views: 139850 Free Econ Help
Calculating EOQ - Economic Order Quantity (Inventory Costs & Purchasing Costs)
http://www.driveyoursuccess.com This video explains how to calculate economic order quantity using the time-tested Wilson EOQ formula. The video provides a step-by-step process to defining the economic order quantity for any company. It takes into consideration the company's annual or yearly consumption, the price it pays for each unit it purchases for its inventory, the cost to make that purchase and finally, the company's costs to hold inventory on a monthly basis. Determining the annual or yearly consumption is fairly straightforward. Simply take a total of all the inventory of a given part used in a year. Next, take the amount your company pays for that part or raw material. Determining your company's costs to purchase doesn't merely involve totaling your total volume multiplied by price. Instead, it's more about defining what it costs your company to make a purchase. How much does it cost your company to purchase from a vendor? Your costs to purchase include time spent to approve and sign purchase requisitions. It also includes the time spent placing that order and sending it to your vendor. Next, the costs of inspecting the order are accounted for and finally, the costs of paying your vendor. The Wilson EOQ formula involves doubling your yearly consumption total and multiplying it by your company's cost to purchase. This amount is then divided by the sum of the raw material or part's price multiplied by its inventory holding costs. The Wilson EOQ formula is an excellent tool for making sure your company doesn't buy too much or too little.
Views: 139945 Ian Johnson
Labor Markets and Minimum Wage: Crash Course Economics #28
How much should you get paid for your job? Well, that depends on a lot of factors. Your skill set, the demand for the skills you have, and what other people are getting paid around you all factor in. In a lot of ways, labor markets work on supply and demand, just like many of the markets we talk about in Crash Course Econ. But, again, there aren't a lot of pure, true markets in the world. There are all kinds of oddities and regulations that change the way labor markets work. One common (and kind of controversial one) is the minimum wage. The minimum wage has potential upsides and downsides, and we'll take a look at the various arguments for an against it. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Eric Kitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, Moritz Schmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, Elliot Beter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, Caleb Weeks -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 513548 CrashCourse
Businesses Getting Results: Pricing Strategies for Small Businesses
The right pricing structure helps a business generate sales and gain loyal customers. The wrong one can keep you from being profitable. A rational way of determining your product's price is crucial to credibility and profitability. More at ryungivens.com! No Rendering of Advice The information contained within this video/blog is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant. Presentation of the information via the Internet is not intended to create, and receipt does not constitute, an accountant-client relationship. Internet subscribers, users and online readers are advised not to act upon this information without seeking the service of a professional accountant. Any U.S. federal tax advice contained in this video/blog is not intended to be used for the purpose of avoiding penalties under U.S. federal tax law. Accuracy of Information While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this video/blog is accurate, complete, reliable, current or error-free. We assume no liability or responsibility for any errors or omissions in the content of this video/blog or such other materials or communications. Disclaimer of Warranties and Limitations of Liability This video/blog is provided on an "as is" and "as available" basis. Use of this video/blog is at your own risk. We specifically disclaim any warranty for fitness for a particular purpose. Links to Third Party Websites For your convenience, this blog may contain hyperlinks to websites and servers maintained by third parties. We do not control, evaluate, endorse or guarantee content found in those sites. We do not assume any responsibility or liability for the actions, products, services and content of these sites or the parties that operate them. Your use of such sites is entirely at your own risk.