Master Your Pricing Strategy

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the reason for most product mark-ups being applied to the list cost price from the wholesaler?

  • The cost of holding stock is too high
  • The cost of ordering is too high
  • The discount schemes from suppliers are too complex to work with (correct)
  • The manufacturer's list price is too complex to work with

Why can't most computerized stock control systems calculate a true cost price?

  • The systems are outdated
  • The systems are too expensive
  • The discount structures are too complex (correct)
  • The cost of holding stock is too high

What is the impact of holding stock on the cost of a product?

  • It only impacts the manufacturer's list price
  • It reduces the cost of the product
  • It has no impact on the cost of the product
  • It increases the cost of the product (correct)

What is a suggested mark-up?

<p>A recommended retail price (C)</p> Signup and view all the answers

Why is it not advisable to get into a price war with other local retailers for some products?

<p>They could drop their prices even lower than you can (B)</p> Signup and view all the answers

When is it acceptable to be more expensive than other local retailers?

<p>When there is a good reason like better parking or a delivery service (D)</p> Signup and view all the answers

What is the importance of regularly reviewing a practice's ideology, financial income needs, and individual fee levels?

<p>To make it easier to set a fee scale appropriate for your practice (D)</p> Signup and view all the answers

What is the benefit of basing procedure prices on a variable rate depending on length and severity of procedure?

<p>It will generally be more profitable than a fixed-price procedure (C)</p> Signup and view all the answers

Why is it important to inform prospective clients about what exactly is included for the quoted price?

<p>To prevent misunderstandings and dissatisfaction with the service provided (B)</p> Signup and view all the answers

Flashcards are hidden until you start studying

More Like This

Use Quizgecko on...
Browser
Open
Browser
Browser