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Read the Telemine case study and answer the questions below. Step 1: Calculate the price that John should charge based on ‘cost+’ logic, considering only their development costs. Step 2: What do you think their minimum price should be? You will need to make some assumptions here. Suggestions: a ‘driver’ in Sydney would cost say AUD$50K a year, the manager AUD$100K and the administrators AUD$30k? You probably need to add 25% to the overall wage bill to cover sickness, leave, pension costs, etc. Assume that they still want to achieve their 20% mark-up. Step 3: From a value perspective, what is the product worth? In other words, if Telemine gave it to Dumpster for free, how much money would they save? Step 4: Given your results to Steps 1, 2, and 3, what price would you charge Dumpster? Points to guide you ‘Cost+’ pricing logic: is a straightforward way to arrive at a sales price by adding a mark-up to the cost of a product. First, you must determine the break-even price, which is the sum of all of expenses involved in creating a product, including expenses like supplies, production costs, and marketing costs. Next you pull all the expenses together to determine the cost of each product unit. This is your company’s break-even cost, meaning there would be no profit or loss. Then you apply the profit margin goal for your company to arrive at the price you will offer your product. Value perspective: The term is used when prices are based on the value of a product as perceived from the customer’s perspective. The perceived value determines the customer’s willingness to pay and thus the maximum price a company can charge for its product. This value is made up of various inputs such as product performance, warranty quality, customer support, and other soft attributes such as the supplier’s reputation, trustworthiness, and esteem. Paragraph from a subject matter expert to help you construct your answer It is imperative for the success of any business to price its products properly. Correct pricing will impact how much a business sells. Errors in pricing may create long-term problems a company may not be able to overcome. There are a variety of different types of pricing strategies in business. However, there’s no one surefire, formula-based approach that suits all types of products, businesses, or markets. Pricing your product usually involves considering certain key factors, including pinpointing your target customer, tracking how much competitors are charging, and understanding the relationship between quality and price. While businesses have a great deal of flexibility in how they set their prices, that also presents challenges. Steps in setting a pricing policy: select the pricing objective determining demand estimating costs analyse competitors’ costs, prices, and offers select a pricing method select the final price. Submission status
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