{"id":545,"date":"2018-08-10T11:50:55","date_gmt":"2018-08-10T11:50:55","guid":{"rendered":"https:\/\/www.smartsims.com\/support\/?post_type=ht_kb&#038;p=545"},"modified":"2024-07-29T02:50:35","modified_gmt":"2024-07-29T02:50:35","slug":"pricing-products-in-mikesbikes-introduction","status":"publish","type":"ht_kb","link":"https:\/\/www.smartsims.com\/support\/article\/pricing-products-in-mikesbikes-introduction\/","title":{"rendered":"How to Set Retail Price in MikesBikes Introduction"},"content":{"rendered":"<p><strong>Retail Price<\/strong> is the dollar price retailers sell your products to customers. The distributor receives a percentage of the Retail Price, known as the <a href=\"https:\/\/www.smartsims.com\/support\/article\/retail-margin-definition\/\">Retail Margin<\/a>, leaving you the <a href=\"https:\/\/www.smartsims.com\/support\/article\/wholesale-price-definition\/\">Wholesale Price<\/a>.<\/p>\n    \t\t<div class=\"hts-messages hts-messages--info   hts-messages--withicon \"   >\r\n    \t\t\t    \t\t\t    \t\t\t\t<p>\r\n    \t\t\t\t\t<strong>Wholesale Price = Retail Price \u2013 Retail Margin<\/strong>    \t\t\t\t<\/p>\r\n    \t\t\t    \t\t\t\r\n    \t\t<\/div><!-- \/.ht-shortcodes-messages -->\r\n    \t\t\n<p>Setting a strategic Retail Price is a priority decision which must consider:<\/p>\n<ol>\n<li><strong>Price sensitivity in the target market<\/strong>\u00a0(see the <em>Market Research<\/em> report); and<\/li>\n<li><strong>Price of your competitor&#8217;s products<\/strong> (see the <em>Market Summary<\/em> report).<\/li>\n<\/ol>\n\n\n<h2 class=\"wp-block-heading\">Video: How to Price a Product<\/h2>\n\n\n<a id=\"69e7d7428446c\" rel=\"wp-video-lightbox\" href=\"https:\/\/vimeo.com\/483893123?width=960&#038;height=540\" title=\"\"><img decoding=\"async\" src=\"https:\/\/www.smartsims.com\/support\/wp-content\/uploads\/2021\/06\/MikesBikes-Introduction-to-Business-Simulation-Retail-Price.jpg\" class=\"video_lightbox_anchor_image\" alt=\"\" \/><\/a>    <script>\r\n    \/* <![CDATA[ *\/\r\n    jQuery(document).ready(function($){\r\n        $(function(){\r\n            var width = $(window).innerWidth();\r\n            var setwidth = parseFloat(960);\r\n            var ratio = parseFloat(0.5625);\r\n            var height = parseFloat(540);\r\n            var link = 'https:\/\/vimeo.com\/483893123?width=960&amp;height=540';\r\n            if(width < setwidth)\r\n            {\r\n                height = Math.floor(width * 0.5625);\r\n                \/\/console.log(\"device width \"+width+\", set width \"+960+\", ratio \"+0.5625+\", new height \"+ height);\r\n                var new_url = wpvl_paramReplace('width', link, width);\r\n                var new_url = wpvl_paramReplace('height', new_url, height);\r\n                $(\"a#69e7d7428446c\").attr('href', new_url);\r\n                \/\/console.log(new_url);\r\n            }\r\n        });\r\n    });\r\n    \/* ]]> *\/\r\n    <\/script>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Retail Price is the dollar price retailers sell your products to customers. The distributor receives a percentage of the Retail Price, known as the Retail Margin, leaving you the Wholesale Price. Setting a strategic Retail Price is a priority decision which must consider: Price sensitivity in the target market\u00a0(see the&#8230;<\/p>\n","protected":false},"author":3,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"ht-kb-category":[20],"ht-kb-tag":[],"class_list":["post-545","ht_kb","type-ht_kb","status-publish","format-standard","hentry","ht_kb_category-mikesbikes-introduction-year-one"],"_links":{"self":[{"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/ht-kb\/545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/ht-kb"}],"about":[{"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/types\/ht_kb"}],"author":[{"embeddable":true,"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/comments?post=545"}],"version-history":[{"count":11,"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/ht-kb\/545\/revisions"}],"predecessor-version":[{"id":2532,"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/ht-kb\/545\/revisions\/2532"}],"wp:attachment":[{"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/media?parent=545"}],"wp:term":[{"taxonomy":"ht_kb_category","embeddable":true,"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/ht-kb-category?post=545"},{"taxonomy":"ht_kb_tag","embeddable":true,"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/ht-kb-tag?post=545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}