{"id":547,"date":"2018-08-10T11:52:05","date_gmt":"2018-08-10T11:52:05","guid":{"rendered":"https:\/\/www.smartsims.com\/support\/?post_type=ht_kb&#038;p=547"},"modified":"2023-09-15T03:01:57","modified_gmt":"2023-09-15T03:01:57","slug":"pricing-products-in-mikesbikes-advanced","status":"publish","type":"ht_kb","link":"https:\/\/www.smartsims.com\/support\/article\/pricing-products-in-mikesbikes-advanced\/","title":{"rendered":"Setting the Retail Price in MikesBikes Advanced"},"content":{"rendered":"\n<p><strong>Retail Price<\/strong> is one of the four main factors that go into determining a good Marketing Mix for your&nbsp;product and the most influential decision on sales and profit.<\/p>\n\n\n\n<p>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.<\/p>\n\n\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 Retailer Margin Percentage<\/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\n\n\n<h2 class=\"wp-block-heading\">Where do I set my Retail Price?<\/h2>\n\n\n\n<p>Set a retail price under the Pricing &amp; Production screen for each of your products:<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"449\" height=\"503\" src=\"https:\/\/www.smartsims.com\/support\/wp-content\/uploads\/2023\/08\/MBA-Product-Pricing-Forecast-and-Production.png\" alt=\"\" class=\"wp-image-2308\" srcset=\"https:\/\/www.smartsims.com\/support\/wp-content\/uploads\/2023\/08\/MBA-Product-Pricing-Forecast-and-Production.png 449w, https:\/\/www.smartsims.com\/support\/wp-content\/uploads\/2023\/08\/MBA-Product-Pricing-Forecast-and-Production-268x300.png 268w, https:\/\/www.smartsims.com\/support\/wp-content\/uploads\/2023\/08\/MBA-Product-Pricing-Forecast-and-Production-45x50.png 45w, https:\/\/www.smartsims.com\/support\/wp-content\/uploads\/2023\/08\/MBA-Product-Pricing-Forecast-and-Production-54x60.png 54w, https:\/\/www.smartsims.com\/support\/wp-content\/uploads\/2023\/08\/MBA-Product-Pricing-Forecast-and-Production-89x100.png 89w\" sizes=\"auto, (max-width: 449px) 100vw, 449px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">What should my Retail Price be?<\/h2>\n\n\n\n<p>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:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <strong>price sensitivity of consumers in your target segments<\/strong> (see Market Research report), and;<\/li>\n\n\n\n<li>The <strong>price of the competing products in the Market<\/strong> (see Market Summary report).<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Retail Price is one of the four main factors that go into determining a good Marketing Mix for your&nbsp;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&#8230;<\/p>\n","protected":false},"author":3,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"ht-kb-category":[29,41],"ht-kb-tag":[],"class_list":["post-547","ht_kb","type-ht_kb","status-publish","format-standard","hentry","ht_kb_category-mikesbikes-advanced-marketing","ht_kb_category-mikesbikes-accounting-marketing"],"_links":{"self":[{"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/ht-kb\/547","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=547"}],"version-history":[{"count":13,"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/ht-kb\/547\/revisions"}],"predecessor-version":[{"id":2363,"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/ht-kb\/547\/revisions\/2363"}],"wp:attachment":[{"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/media?parent=547"}],"wp:term":[{"taxonomy":"ht_kb_category","embeddable":true,"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/ht-kb-category?post=547"},{"taxonomy":"ht_kb_tag","embeddable":true,"href":"https:\/\/www.smartsims.com\/support\/wp-json\/wp\/v2\/ht-kb-tag?post=547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}