Class Notes (837,550)
Canada (510,314)
RMG 400 (49)
Lecture

Pricing/Promoting

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Department
Retail Management
Course
RMG 400
Professor
Bharat Sud
Semester
Fall

Description
Chapter 15 Establishing Retail Prices Retail price includes cost of merchandise, and additional amount known as markup The amount of markup must include enough to cover expenses (fixed and variable) and planned profit Retail Price = Cost + Markup Planning Initial Markup Percentage Determining the first markup place on products when they enter retail store Elements of calculation are sales, expenses, profit, and reductions (markdowns, discounts) Initial Markup Percent = (Expenses + Profit + Reductions + Discounts) (Sales + Reductions) Factors affecting Retail Price Target Market Store Policies Competition Economic Conditions Pricing Policies
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