The Entrepreneur GPS: Cost Analysis

Entrepreneur GPS: Cost analysis is the breakdown of the cost to develop the product or service, operating expenses and reporting on each factor separately. It is used to determine whether the asking price of the product or service is fair and reasonable utilizing basic accounting formulas. In this module, you will identify which price strategy your product falls under. In addition, you will test your pricing strategy to discover how acceptable the target market is to the cost of the product or service. If you price your product too high, people will not be able to afford it or want to buy it. If you price it too low, people will not take you seriously or think your product is inferior. You must be realistic in your pricing and conduct research on competitive pricing. Understanding pricing is the most important aspect of your business. Many entrepreneurs struggle in the area of pricing their goods or services, resulting in their business’s failure. The first step is to know the market you are going into. Understanding how your target market spends money on a particular good or service is key. What type of customers do you have? What are your competitors charging? Why are competitors able to charge their prices? How would high or low pricing affect the business?

Interactive Features 

• Audible Built In
• Voice activate text
• Fillable PDF Form
• Video Explanation
• Print Your Information