Economics: Analyze the projected costs of producing your product, initiating the venture (including overhead and variable costs); include appropriate economies of scale as you grow and expand your product family.
You need to properly research and reference your costing; that is, provide due diligence, don’t just make up numbers you think are reasonable and hope that I believe. Any cost not referenced will be assumed to be contrived.
Determine appropriate pricing, appropriately tailored to the market(s) you target, for the current product and future versions and product family members.
Remember that pricing is linked to:
• All production costs, including reasonable overhead, to ensure an adequate profit margin to continue producing. Include logistical costs (i.e., shipping, duties, taxes, etc.).
• Market readiness and willingness to pay.
• Competitive position, mindful of both direct and indirect competitors from the consumer’s viewpoint.able and hope that I believe. Any cost not referenced will be assumed to be contrived. Determine appropriate pricing, appropriately tailored to the market(s) you target, for the current product and future versions and product family members. Remember that pricing is linked to:
• All production costs, including reasonable overhead, to ensure an adequate profit margin to continue producing. Include logistical costs (i.e., shipping, duties, taxes, etc.).
• Market readiness and willingness to pay.
• Competitive position, mindful of both direct and indirect competitors from the consumer’s viewpoint. The product of this project is a cordless and moveable UV light cart. Most of the number/price can be found in Excel file, and some additional cost or fee (e.g. shipping, duties ) may need to quote from online
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