Pricing for Profit: Understanding Gross Profit, Margin & Markup

Summary
Pricing for Profit Workshop Image“Pricing For Profit” is a lot more than just a catchy phrase. Many small businesses establish their selling prices by simply copying what their competitors charge. While this might accidently work, this will often lead to losses or missed profits for any individual company. Another common technique is to calculate the costs to make a product and then add on a profit to arrive at a selling price with little or no regard to what the competition is charging. This will also often lead to serious problems.
 
In order to price for profit, a company needs to know their costs – both variable and fixed costs. But, they also need to know what the market will pay for a given product and what their competitors are charging. After all of these factors have been reviewed, a reasonable price structure can be established.
 
Selling your product at the right price is one of the more important keys to success in business. In this webinar, we will go over the basics of understanding your costs of doing business and relate these costs to an understanding of gross profit, margin and markup. With this information, you should be in a much better position to put the RIGHT PRICE on your product or service.
 
Presenter: Larry Hunt, SCORE Volunteer
Duration: 1 Hour
 
 
About Larry
Larry Hunt headshotLarry Hunt owned and operated 5 successful businesses in the quick printing industry from 1973 until 2010. After graduating with a Bachelor’s degree from Rutgers and an MBA from Pacific Luther University, Larry worked as a manager for a construction company. He then decided to open his own quick printing business. After starting and selling 4 shops, he started a very successful newsletter publishing business. He ran that business until 2010.
 
Once Larry had managers in place to run his print shops, he served as National Chairman of the National Association of Quick Printers (NAQP). In addition to that role, he became a popular speaker and gave over 100 presentations to printers. He also became a printing consultant and visited over 50 companies to help them improve their profitability.
 
In order to help printers improve their businesses, Larry wrote 5 books. One of those books is closely related to this pricing webinar, titled: “Pricing For Profit in Quick Printing”.