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Greetings!
This is our special second issue in our three part
series about pricing. We have two issues this time
about cost pricing, one brand new article and
another reprint of an older article by Don that
originally appeared in Entrepreneur Magazine. Make
sure you read both articles to learn as much as you
can about cost pricing.
We also have a great article about cause pricing by
the Packaging Diva as well as a great inventor story.
Enjoy!
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How to Price Your Product - Part 2
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Cost Pricing
Many inventors have a hard time pricing their
product. Why is this? It is because pricing your
product is a very difficult task -- one that takes
weighing multiple factors. The two main aspects you
need to weigh are cost and market factors. We will
deal with pricing in a three part series, with the
first part dealing with market pricing, the second
part dealing with cost pricing and then the third
part dealing with how to balance the two.
Cost pricing refers to setting your price based on
your product and distribution costs. These costs
will be different for the same product in different
distribution channels.
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Inventor Story: Brad LaTour
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JumpSnap
When Brad LaTour couldn't fit in his pants, he
decided to do something about it. He had been
thinking about jumping rope for a long time,
realizing the enormous benefits of the exercise, but
he just wasn?t coordinated enough and often didn?t
have enough space for it.
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How to Package A Cause To Sell More Products
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by JoAnn Hines Packaging Diva
What is "cause marketing" anyway? I think it is a
misunderstood concept for the vast majority of
people. The definition for this type of campaign
came from the Cause Marketing Forum. "Cause
marketing (also known as cause-related marketing) is
an umbrella term that covers a rich range of
marketing activity. Central to its definition is the
idea of a marketing partnership between a business
and nonprofit entity for mutual benefit." Note: It
is not the endorsement of a product by a celebrity
to sell more products. We will touch more on
celebrity marketing and product packaging in a
future issue.
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The Cost is Clear
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by Don Debelak
In this reprint of an article Don wrote for
Entrepreneur Magazine, Don discusses how to control
costs. This is a great addition to our article on
cost pricing so make sure not to miss it.
The price you choose for your product ultimately
depends on how much it costs to produce it. When
Ross Youngs decided to sell his UniKeep three-ring
binder, he knew he'd have to limit manufacturing
costs to compete with larger companies that sell
traditional binders. Luckily, Youngs was able to do
just that-and today, the UniKeep sells for a good
value against the competition.
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Yankee Invention Expo coming to Waterbury, CT
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The Yankee Invention Expo is coming Thursday Oct 19,
20th and 21st in Waterbury, CT.
Go to www.yankeeinventionexpo.org for more
information or call 203-575-8322.
Learn More
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