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The cost of goods sold (COGS) is a key factor in determining pricing strategies. It represents the direct costs associated with producing the goods sold by a company. This includes the cost of the materials and labor directly used to create the product. In order to make a profit, a company must price its products higher than the COGS. Therefore, understanding the COGS can help a company determine the minimum price they can set for their products while still remaining profitable.
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Need to evaluate the best pricing strategy for a product? This Pricing Strategy spreadsheet includes the top pricing tools to evaluate cost, feature,...
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To begin, first enter the name of the cell phone under the Price Analysis section of the Field tab, along with an initial price point to analyze. Then enter the total fixed cost for the business, which is the total amount of money a business must pay to keep their operations running regardless of how many products they make or sell.
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