Government College University Earbuds Markup Strategy Paper

Description

Post 1: Initial Response

Your business is off to a good start and you are ready to sell some goods. You must decide on your pricing strategy. Choose an item your business will sell and find the selling price of that item online from a competitor’s website. Describe the item and include the URL to the item you are selling in your post. Use an internet search engine to find the average markup percentage on this type of item. For example, search the average markup on lawn mowers. State what percentage you found. Use that markup percentage to calculate the cost and dollar markup of the item you plan to sell using the formula: sale price / (1 + percent markup). Show all steps in your calculations.

In a summary paragraph, discuss what markup strategy you intend to use, how satisfied you are with your markup, and whether you will stick with the average industry markup or go with something else.

Include these items in your post:

Description of item, URL, online price of item
Average markup percentage discovered
Cost of item
Dollar markup of item
Steps used for your calculations
Summary paragraph

Post 2: Reply to a Classmate

Your classmate’s item is not selling and needs to be marked down. Find a classmate’s initial post that has not yet been replied to by a fellow classmate. Using several sentences, write a recommendation that it is time to put the item on sale. Assume your classmate is using the selling price they found on the internet as their selling price. State a sale price on your classmate’s item that you are recommending and calculate the dollar markdown and the markdown percentage. Show all steps in your calculations.

Include these items in your post:

Written recommendation
Sale price recommended
Dollar markdown
Markdown percentage
Steps used for your calculations

Explanation & Answer:

2 pages

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