MKTG 402: Week 4

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Bloomsbury Business Library - Actionlists & Checklists. (2007), 30-30

(Inc) How many units of "stuff" say, how many ham sandwiches, iPhone apps, or hours of consulting "services" must you sell in order to cover your costs?

Westchester County Business Journal. (2009), 48 (46), 8-8.

(Chron) When a business sells merchandise or services to customers, it must charge a price higher than the cost of goods or labor in order to earn a profit. The markup of cost is the percentage of an item's wholesale cost that the retailer includes in its retail cost to make a profit.

(Chron) The suggested retail list price is the selling price suggested by the manufacturer of a product.

(Harvard Business Review) Businesses need to make investments to grow — that’s a given. But how do you know which investments are likely to be worthwhile? There are a variety of ways to calculate a return on investment (ROI) — net present value, internal rate of return, breakeven — but the simplest is payback period.

(Films on Demand - 4:20) Breakeven occurs when total revenue equals total costs. There are three ways to calculate the breakeven point: a chart, a graph, and a mathematical formula referred to as the contribution per unit.

(Films on Demand - 5:48) Price elasticity of a good or service refers to the degree to which a change in price affects consumer demand. Concepts include unit elasticity, inelasticity, and elasticity of demand & supply factors.

(Films on Demand - 4:25) Pricing is one of the most important decisions an entrepreneur makes. Pricing strategies include appealing to target market, comparing cost and profit potential, understanding customers, and researching the competition.

(Films on Demand - 00:57) In this clip, Jen Vargas, who is founder of a social application for achieving your goals, talks about product management.

(Films on Demand - 2:28) An expert discusses the Six Rs...Recycling, Re-using, Reducing, Re-thinking, Refusing, and Repairing. The UK government raised taxes to reduce the waste going to landfills. An expert explains her company's "Plan A" implemented to reduce waste.

(YouTube) In this video, we define the Product Life Cycle in detail and look at options to extend the profitable life of any product. We'll also look at an example of two products made by Apple. One of which was successful and the other flopped.