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NOW ONPeople always forget about the markup. You don't just have to times it by two guys. You can times it by more than that if you want. Like, there's a method behind it. Hello, welcome back to my channel. Today's video is gonna be all about how you can price your products. So, if that's of interest to you, then please carry on watching. But before you do that, like and subscribe to my channel. Your support really, really helps me. Okay, so before we get into this, you'll be wondering who is this girl and why does she have the authority to tell me how to price my products? Um, I'm Jade. I own two boutiques – one is a swimwear boutique, one is a bag boutique. And, that obviously requires me to price my products on a regular basis. And in addition to this, I actually learned quite a lot about how to price your products back when I was at uni. So, I'm going. I'm going. Going back in time a bit – not too long ago, you know. I don't want to pretend like I'm super old. No, I'm kidding. It was a while ago. And I actually revisited some of my books, which actually taught me about the strategies behind pricing specifically for this video because I wanted to make sure it was really informed and just super useful and helpful to you guys. So, if you're interested in how you actually come to arrive at a good price for your products, then carry on watching. I'm going to be spilling the tea.
So, first part of this video, I'm going to be talking about how you arrive at the minimum cost for your products. So, this is how much this product actually cost you to purchase. One of the key things here which people forget all the time – well, actually it's not one thing, there's loads of key things – is it costs more. Like, your product costs more than what the wholesaler is selling to you. If the wholesaler is saying that you're this product – so let's talk about a bag. This product is 10 pounds. The product is not 10. They're selling you it for 10 pounds. But there are significantly more costs that you will incur in cure, inc. Incur. Incur. Oh my god, why did that take you so long as a result of purchasing this product. So, by no means, if there's one thing you take in this video, please let it be that you cannot decide how much to mark up your product by purely off the back of how much the wholesaler is pricing it at. That is not how you can arrive at a profitable price for your products. So, I'm going to break down all the different costs that go into this one product so that we can arrive at a whole figure of how much this product actually costs you to purchase and then that's when we're going to talk about how you decide how much you should be marking up your products by.
Q: What is the topic of the first video?
A: The Importance of Marking Up Products
Q: Who is the speaker in the first video?
A: Jade, a boutique owner
Q: What is the key message in the paragraph for the first video?
A: The importance of understanding the markup process and pricing products appropriately
Q: What type of boutiques does Jade own?
A: A swimwear boutique and a bag boutique
Q: What does Jade aim to provide in her video about pricing products?
A: Informed and useful information on arriving at a good price for products
Q: What is the topic of the second video?
A: Understanding the Minimum Cost for Products
Q: What is the key message in the paragraph for the second video?
A: Emphasizing that the cost of a product is more than the wholesaler's selling price and explaining the process of determining the minimum cost for products
Q: What warning does Jade give regarding markup decisions?
A: Not to base markup decisions solely on the wholesaler's price, as there are additional costs involved