Your business is off to a good start and you are ready to sell some goods. You must decide on your pricing strategy. Choose an item your business will sell and find the selling price of that item online from a competitor’s website. Describe the item and include the URL to the item you are selling in your post. Use an internet search engine to find the average markup percentage on this type of item. For example, search the average markup on lawn mowers. State what percentage you found. Use that markup percentage to calculate the cost and dollar markup of the item. Show all calculations.
How satisfied are you with your markup? Using several sentences discuss what markup strategy you intend to use. Will you stick with the average industry markup or go with something else? Will you calculate all your markups by hand or use a different strategy to calculate?