Have you ever wanted to start a business selling a product or service? Ever stopped because you didn’t know how much to charge?
One of the most difficult parts of starting up a business is deciding how much to charge consumers for your product or service. The challenge of this comes from the delicate process of avoiding business failure. To make money on a startup business, the owner must generate enough revenue to not only cover the costs of running the business but also to bring in a surplus, which is the business’s profit. No one starts a business to break even! Charging too much or too little causes the product or service to become uncompetitive in the market, and will likely determine whether or not the startup business will fail. Charge too much and the target market may seek out more cost-effective options. Charge too little and the business may not be able to net any profits from sales. Because of this, choosing an initial price point is a decision that plagues many starting business owners.
If you’re thinking about starting a business, this course will start you on the path to planning and executing a smart, future-focused price point that will set your business on the path to a workable profit margin.
This course is designed to lead the student through the best practices for pricing products and services for the purposes of establishing an initial market value. In addition, students will learn how to monitor the market for trends, determine when a price adjustment is necessary, and maintain ongoing market research for application to products and services.
The first module covers initial considerations, such as the relationship between costs, profits, and pricing, determining the value of the product or service, and at what point in the process a price should be determined.
The next two modules outline common pricing methods and address the differences between pricing products and pricing services. There is a separate module for product pricing and one for service pricing.
Module four teaches the student about price adjustments, including when to use a marketing strategy versus when to adjust price, and how to increase prices graciously.
The fifth and final module introduces future-minded practices, including how to conduct ongoing market research and monitor the future of the market for the product or service in question.
This course is ideal for those who:
Upon completion of this course, you will:
International Open Academy courses are designed for anyone with an interest in learning. No formal qualifications are required to study with us. Our courses are suitable if you want to learn new skills, start a new career, or if you’re already working in a particular industry and wish to upgrade your talents and enhance your resume.
To receive certification, you must:
If you meet this criteria, your certificate of successful completion will be emailed to you immediately after you finish the course
You will also have the option to order a hard copy certificate directly from ICOES. (www.icoes.org)
This course is CPD/CE accredited. Our CPD accredited courses count towards the total of CPD hours to submit for your job role. CPD points are accepted and recognized by employers from both the public and private sectors, and academic institutions across the UK and internationally.
Follow the easy peasy enrollment process
Absorb and remember course content with our easy-to-follow, structured information and helpful illustrations. And yes - you can study anywhere, anytime, from any device
Reinforce your learning with quizzes at the end of each module
Once you’ve successfully completed your course and passed the exams, you’ll receive your certification. Congratulations on your amazing achievement!