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 you plan to sell using the formula: sale price / (1 + percent markup). Show all steps in your calculations.

In a summary paragraph, discuss what markup strategy you intend to use, how satisfied you are with your markup, and whether you will stick with the average industry markup or go with something else.

Include these items in your post:

• Description of item, URL, online price of item
• Average markup percentage discovered
• Cost of item
• Dollar markup of item
• Steps used for your calculations
• Summary paragraph