Master Your Pricing Strategy
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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  • The systems are outdated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</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</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</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</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</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</p> Signup and view all the answers

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