VB1 - Pricing
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Created by:
mikemusser on July 27, 2011
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Terms for Virtual Business Lesson 1 - Pricing
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7 terms
Terms | Definitions |
|---|---|
 Price | the amount of money a business charges for items it offers for sale. |
| Cost | the amount of money the store pays to purchase the merchandise from a supplier. |
| Profit | the total revenue of a business less all expenses over a specific period of time. |
| Margin | the difference between the retail price of an item and the cost of the item to the store. This may also be referred to as markup. |
| Supply and Demand | describes the amount of product available to sell and the willingness of customers to buy that product. |
| Market Share | the percentage that a store has of the total sales in its area. This is an important indication of how well the store is doing compared to its competitors. |
| Markdown | reducing the price of merchandise. These are a normal part of doing business and should be considered when planning pricing for the store. |
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