About
Have you ever wanted to start a business selling a product or service? One of the most difficult parts of starting up a business is deciding how much to charge consumers for your product or service. The challenge of this comes from the delicate process of avoiding business failure. To make money on a startup, the owner must generate enough revenue to not only cover the costs of running the business but also bring in a surplus, which is the business’s profit.
No one starts a business to break even! Charging too much or too little causes the product or service to become uncompetitive in the market, and will likely determine whether or not the startup will fail. Charge too much and the target market may seek out more cost-effective options. Charge too little and the business may not be able to net any profits from sales. Because of this, choosing an initial price point is a decision that plagues many starting business owners.
If you’re thinking about starting a business, this course will start you on the path to planning and executing a smart, future-focused price point that will set your business on the path to a workable profit margin.
What you will learn:
- How to monitor the market for trends
- The relationship between costs, profits, and pricing
- Determining the value of the product or service
- The differences between pricing products and pricing services
- Common pricing methods
- Determine when a price adjustment is necessary
- Conducting ongoing market research
- How to monitor the future of the market for the product or service
Requirements
Eventtrix courses are designed for anyone with an interest in learning. No formal qualifications are required. Our courses are suitable if you want to learn new skills, start a new career, or if you’re already working in a particular industry and wish to upgrade your talents and enhance your resume.
Lessons
Module 1: Considerations To Make When Pricing A Product
- Costs, Profits, and Pricing: How are they Connected?
- When to Should Set the Price Point
- When to Review the Price Point
- Value-Based Pricing
- The Relationship between Product and Price
Module 2: Pricing Your Product
- Market Research for Products
- Cost-Plus Pricing
- Demand Pricing
- Markup Pricing
- Profit Margin and Future Planning
Module 3: Pricing Your Service
- Market Research for Services
- Determining Hourly Rates
- Determining Contract Rates
- Perceived Value vs. Profit Margin
Module 4: Making Pricing Adjustments
- How to Analyze Sales Trends
- When to Make Adjustments to Price Points (and when not to)
- Promotions vs. Price Adjustments
- Increasing Price Graciously
Module 5: Continuing Practices For Price
- Ongoing Market Research
- Maintaining a Profit Analysis System
- Monitoring your Market’s Future
Career
Who is this course for?
This course is ideal for those who:
- Want to start a business and are looking for more information
- Have already started their business, but feel their pricing is not correctly set
- Manage or lead a small business
- Want to increase their business knowledge and skills
Career path
Upon completion of this course, you can:
- Confidently price the services and goods in your business
- Focus on other aspects of your business, knowing that you have the correct skills to set prices
- Assist other businesses with their pricing strategies
- Share the benefits of your knowledge in a consultancy
Certification
Certification details
You will be required to complete each lesson in full, and answer exams at the end of each course module. If your pass rate exceeds 55% on each exam then you are eligible to access a certificate of achievement or other accreditation options to recognize your achievement.
Most of our courses will earn you credits through Continuing Education (CE) / Continuing Professional Development (CPD). CE/CPD points are accepted and recognized by professional member bodies and academic institutions across the US and internationally. All courses are accredited by the International Council for Online Educational Standards (www.icoes.org).
When successfully completing a course, students can choose to purchase an ICOES certificate that recognizes the achievement, from this third-party institution.
Business Pricing Strategies
1669 Students. ICOES Accredited. CPD Certified.
1669 Students.
ICOES Accredited.
CPD Certified.
About
Have you ever wanted to start a business selling a product or service? One of the most difficult parts of starting up a business is deciding how much to charge consumers for your product or service. The challenge of this comes from the delicate process of avoiding business failure. To make money on a startup, the owner must generate enough revenue to not only cover the costs of running the business but also bring in a surplus, which is the business’s profit.
No one starts a business to break even! Charging too much or too little causes the product or service to become uncompetitive in the market, and will likely determine whether or not the startup will fail. Charge too much and the target market may seek out more cost-effective options. Charge too little and the business may not be able to net any profits from sales. Because of this, choosing an initial price point is a decision that plagues many starting business owners.
If you’re thinking about starting a business, this course will start you on the path to planning and executing a smart, future-focused price point that will set your business on the path to a workable profit margin.
What you will learn:
- How to monitor the market for trends
- The relationship between costs, profits, and pricing
- Determining the value of the product or service
- The differences between pricing products and pricing services
- Common pricing methods
- Determine when a price adjustment is necessary
- Conducting ongoing market research
- How to monitor the future of the market for the product or service
Requirements
Eventtrix courses are designed for anyone with an interest in learning. No formal qualifications are required. Our courses are suitable if you want to learn new skills, start a new career, or if you’re already working in a particular industry and wish to upgrade your talents and enhance your resume.
Lessons
Module 1: Considerations To Make When Pricing A Product
- Costs, Profits, and Pricing: How are they Connected?
- When to Should Set the Price Point
- When to Review the Price Point
- Value-Based Pricing
- The Relationship between Product and Price
Module 2: Pricing Your Product
- Market Research for Products
- Cost-Plus Pricing
- Demand Pricing
- Markup Pricing
- Profit Margin and Future Planning
Module 3: Pricing Your Service
- Market Research for Services
- Determining Hourly Rates
- Determining Contract Rates
- Perceived Value vs. Profit Margin
Module 4: Making Pricing Adjustments
- How to Analyze Sales Trends
- When to Make Adjustments to Price Points (and when not to)
- Promotions vs. Price Adjustments
- Increasing Price Graciously
Module 5: Continuing Practices For Price
- Ongoing Market Research
- Maintaining a Profit Analysis System
- Monitoring your Market’s Future
Career
Who is this course for?
This course is ideal for those who:
- Want to start a business and are looking for more information
- Have already started their business, but feel their pricing is not correctly set
- Manage or lead a small business
- Want to increase their business knowledge and skills
Career path
Upon completion of this course, you can:
- Confidently price the services and goods in your business
- Focus on other aspects of your business, knowing that you have the correct skills to set prices
- Assist other businesses with their pricing strategies
- Share the benefits of your knowledge in a consultancy
Certification
Certification details
You will be required to complete each lesson in full, and answer exams at the end of each course module. If your pass rate exceeds 55% on each exam then you are eligible to access a certificate of achievement or other accreditation options to recognize your achievement.
Most of our courses will earn you credits through Continuing Education (CE) / Continuing Professional Development (CPD). CE/CPD points are accepted and recognized by professional member bodies and academic institutions across the US and internationally. All courses are accredited by the International Council for Online Educational Standards (www.icoes.org).
When successfully completing a course, students can choose to purchase an ICOES certificate that recognizes the achievement, from this third-party institution.