|There's a lot you need to know.|
Key KnowledgeKnowing how to price products effectively is very beneficial to a business. It is very important to pay attention to your customers, costs, and competitors. Setting a price is all about weighing the benefits and losses of these many factors. Also, loss leaders can be extremely beneficial for attracting customers and making a lot of profit on other goods. Pricing is definitely important to success in a business.
Working through this module was interesting because of the many factors to keep track of when pricing an item. The math knowledge was new, but not overly difficult to master. It was mostly basic computing and simple formula solving. The simulation was difficult as always, and it required good judgment to complete effectively. It taught me a lot about setting the price just right.