Retail Price is one of the four main factors that go into determining a good Marketing Mix for your product and the most influential decision on sales and profit.
Your Retail Price is the dollar price distributors (Bike Shops) will sell your products to customers at. The distributor receives a percentage of the Retail Price and you receive the remaining amount, known as Wholesale Price.
Where do I set my Retail Price?
Set a retail price under the Pricing & Production screen for each of your products:
What should my Retail Price be?
The Retail Price of your product has a sigificant impact on how profitable your product is and can be an influence on demand (depending on the market). Before you set your price you should consider:
- The price sensitivity of consumers in your target segments (see Market Research report), and;
- The price of the competing products in the Market (see Market Summary report).