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How much will you charge for your product

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Question - Think of a proposed business (e.g., restaurant, retailer, electronics, software provider, etc.) and develop some initial ideas about what considerations need to be taken into account for the company to reach profitability. Answer the following questions in your discussion board:

Describe your business. What product or service will you provide?

What will your high-level strategy be - to focus on cost/efficiency or to provide high value?

How much will you charge for your product, and what factors do you have to consider for setting the sales price? Support your answers with market and industry research.

What would be the variable costs you would have to consider for your business? Support your answers with market and industry research.

What would the fixed costs be that you would have to consider for your business? Support your answers with market and industry research.

Do you believe that your business can break-even in its first year? Why or why not? Make sure to take volume into account.

After answering these questions, also discuss the qualitative factors that can influence whether or not a small business can succeed in the long-run (e.g., management experience)

Reference no: EM132604327

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