7 Biggest Mistakes in Setting Prices
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Source: Entrepreneur.com
3. Not understanding the difference between margin and markup
Margin is always based on sales price. Markup is always based on cost. I once had a client who didn't understand the difference, and offered a line of products with a 100 percent markup 鈥� then had a 50 percent off sale. The end result? The store was essentially selling the line at cost. Don't make the same mistake.
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