Elements and Performance Criteria
- Determine fixed costs
- Determine labour rate
- Determine variable cost
- Determine retail price of goods for resale
- Research local market price for items
- Estimate turnover volume of items
- Calculate margins and mark-ups for each category of goods
- Calculate effect of various discounts, loss leaders and specials on items based on retail price, volume and overall business flow-on
- Calculate effect of high pricing strategy on some items
- Monitor effects of price changes on business levels and profitability