Rice Mill Business Plan Pricing Strategy Segment
Table of Contents
Rice Mill Business Plan Pricing Strategy Segment – This is an essential part of your Rice Mill Business Plan. It’s that part that forms part of the markting strategies section of your business plan. You may also want to group it within the financial analysis of the business plan. But, the fact is, it should come after describing your product/services. Because the reader would immediately want to know about uour product prices. Whichever way you want to group this, this segment is important.
Rice Mill Business Plan Pricing Strategy Segment Unit Cost of Production:
As you can see, this segment generates the unit cost of your product/service. It’s the aggregation of all your variable and fixed costs that relate to the product/service. If you know the principle of mass production, you would agree with me that variable costs and fixed cost of production matter in cost unit analysis. The higher the quantity produced the lower the fixed unit cost becomes. After the break-even point, the business man begins to make his/her profit based on the level of mass production in place.
Rice Mill Business Plan Pricing Strategy Segment Pricing strategy:
Pricing strategy for manufacturers deal with manufacturing pricing models, or contract or batch manufacturing pricing model. Therefore, pricing strategies include those companies with unique pricing strategies indicating which department in a company sets the price of a product and how companies price their products.
On the other hand, Pricing strategy for retails businesses and services entails retail pricing methods, retail pricing formula including how to price products for retail, pricing strategies in retail management and wholesale pricing strategy. Pricing is involved in whatever business you re involved in.
Get more information here:
Rice Mill Business Plan Checklist Nigeria
Business plan for rice mill Processing Business in Nigeria
Rice Mill Processing Business Business Plan with Feasibility studies
Rice Mill Business Plan Pricing Strategy Segment
Consequently, when you re writing your business plan at the business feasibility analysis segment, these models must come to play. The questions you must answer are:
- What type of business re you into?
- How do you decide what to charge for a product/service?
- What re the major categories of pricing strategies?
- What is a cost based pricing strategy?
Research wise, do the following first:
- Know the market.
- Know competitors charge
- Think about other factors
- Work out your costs
Rice Mill Business Plan Pricing Strategy Segment
After this, choose the best or combination of pricing techniques among the following:
- Industry Price/ Going-rate pricing – Sale what others sale
- Cost plus system/Mark-up pricing – cost of goods + Margin
- Price less Discount
- Promo Price/Pricing for Market Penetration
- Break-even pricing
- Target return pricing
- Early cash recovery pricing
- Perceived value pricing
- Sealed-bid pricing
- Pricing at a Premium – set costs higher than competitors
- Economy Pricing – to attract most price-conscious of consumers.
- Price Skimming. – setting introductory phase at high prises to lower afterwards.
- Psychology Pricing – pricing techniques that deals on buyers emotional levels.
- Bundle Pricing – multiple products for lower rate than individual products.
Rice Mill Business Plan Pricing Strategy Segment
Now, lets talk!:
From all we did above, you would agree with me that this is the technical segment of your business plan. Truly, it’s better done by professionals like us. I speak from experience. As an Economist turned chartered accountant, I shall tell you the truth. But my promise to you is that no matter the level of technicality, my firm with my team will get it right for you.
Call us on +234 8034347851 or mail us via [email protected]
Rice Mill Business Plan Pricing Strategy Segment
Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.
