Cost of goods sold (COGS) is the cost of the products and/or services sold to customers. In general, a retailer’s cost of goods sold includes the cost from its supplier plus any additional costs necessary to get the merchandise into inventory and ready for sale. For example, assume that a bookstore purchases college textbooks from a publisher. If the bookstore’s cost from the publisher is $80 for a textbook plus $5 in shipping costs, the bookstore reports $85 as a portion of the cost of goods sold.

For this Assignment, you calculate the cost of goods sold for a product. Using these calculations, you then develop a pricing strategy for the product.

To prepare:

• Review the online calculator tools provided in this week’s Learning Resources.
• Select a product on which to focus for this Assignment. It may be a product that is sold by a company you work for or hope to work for.
• Using one of the online calculator tools provided in this week’s Learning Resources, calculate the COGS for the product you selected. Keep in mind that the numbers you use will be hypothetical, but be as realistic as possible when producing these estimates. Use the following guidelines:
  • Make an educated guess as to what costs would be involved in producing any given number of the product you selected.
  • Take into account as many costs as you can think of (e.g., manufacturing, shipping, packaging).
• Once you have calculated COGS, decide how much you want to mark up the pricing of your product in order to create the best gross margin, aligning with the price that fits your brand.
• Think about the following considerations related to your product pricing:
  • What is the marketing strategy behind the pricing you decided upon?
  • What is the psychology behind the pricing?
  • How do you predict customers might view the pricing?

Submit by Day 7 your completed Week 5 Assignment Template in which you do the following in 250–350 words:

• Describe the product.
• Outline the cost of goods sold and pricing.
• Explain the marketing strategy behind the pricing.
• Explain the psychology behind the pricing.
• Predict how customers might view the pricing.
• Support your work with specific citations from the Learning Resources and any additional sources.

 Required Resources

 

Readings

 

• Perreault, W. D., Jr., Cannon, J. P., & McCarthy, E. J. (2014). Basic marketing: A marketing strategy planning approach (19th ed.). New York, NY: McGraw-Hill/Irwin.
  • Chapter 15, “Advertising, Publicity, and Sales Promotion” (pp. 384–417)
  • Chapter 16, “Pricing Objectives and Policies” (pp. 418–445)
  • Chapter 17, “Price Setting in the Business World” (pp. 446–473)

 

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ART 101 week 1 Discussion 1

Ashford 2: – Week 1 – Discussion 1
Exploring the New York Metropolitan Museum of Art
  
   Refer to the assigned reading from the textbook and required videos as   examples of how to interpret works of art.

 
  Explore The Metropolitan Museum of Art – Galleries. As you explore, reflect on the   following and share your answers within your discussion post:

We often envision a painting        when we think of art though there are many different forms and        categories of art. Based on your reading of “Introduction: What Is Art        History?” from your textbook, identify the various categories of art on        exhibit at this museum.
Share an example of one work        of art, including the category of the art work, that you found        particularly interesting and share your initial interpretation and        reaction to it. Include the URL to the work of art in your post as well        as the citation for the work of art.

Some works of art may be as simple   as a gold coin with the face of a prominent leader from historical times, as   explained in your textbook (Gardner & Kleiner, 2014). Identify an item   you are exposed to or use daily, other than a coin that might someday be   perceived as art. Explain why this might someday appear in a museum.

 
  Your initial post must be at least 200 words in length.

 
  Review several of your classmates’ postings. By Day 7, respond to at least   two of your classmates by examining the same works of art they examined.   Provide your reflection on the work and consider how it is similar or   different from their interpretations.

 
  Please follow the basic modified APA style citation format in the APA Artwork Citations document to reference works of art.