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Cost-plus pricing is a strategy to set the selling price by adding a markup percentage to the product's unit cost. It is common for utilities, government contracts, and retail stores, but it does not account for market demand and competitor prices.
Cost plus pricing is a cost-based method for setting the prices of goods and services. Under this approach, the direct material cost, direct labor cost, and overhead costs for a product are added up and added to a markup percentage (to create a profit margin) in order to derive the price of the product.
A cost-plus contract is a contract that pays a contractor for its allowed expenses, plus a fee or profit. Learn about the history, types, usage, advantages and criticism of cost-plus contracts, especially in the U.S. government and defense sectors.
Pricing is the process of setting the price of a product or service, based on various factors such as cost, market, competition, and quality. Learn about the different approaches and methods of pricing, such as revenue-oriented, customer-oriented, value-based, and dynamic pricing.
Cost based or cost-plus pricing is the approach of pricing service parts using cost as a base and then adding a standard markup on top to get the price for the service part. Cost based pricing is a popular technique and arguably still the most prevalent in the service parts pricing field.
Target costing is an approach to determine a product's life-cycle cost that ensures its desired profit. It involves setting a target cost by subtracting a desired profit margin from a competitive market price, and decomposing it from product level to component level.
Dynamic pricing is a revenue management strategy that sets flexible prices based on current market demands. Learn about the different methods of dynamic pricing, such as cost-plus, competitor-based, value-based, bundle, and time-based pricing, and see how they are used in various industries.
Cost accounting is a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services. It provides the detailed cost information that management needs to control current operations and plan for the future, and uses various techniques such as standard costing, variance analysis, and budgetary control.