I purchase an item at $49.24. I want to maintain $3+ profit margin. After the
product is sold
for $X 15% fees are applied. What do I set the price to maintain the $3+ profit
margin.
I need a formula to figure this out. This is what I currently have to do and it's too time consuming.
Step 1 - Product is $49.24. STep 2 - I then choose a random price $59.95. Step
3 - 59.95 * 0.15 = 8.99 - 59.95 = -50.95+49.24 = 1.72. STep 4 - 1.72 is lower than $3
margin. Step 5 - Start over choosing random price to get above the $3 margin.
As you can see I can quickly do this is my head BUT figuring what price to start at is tedious and as you see I underpriced in this example. I would have to go over the whole formula to accurately figure it out.
Thanks for the help!
product is sold
for $X 15% fees are applied. What do I set the price to maintain the $3+ profit
margin.
I need a formula to figure this out. This is what I currently have to do and it's too time consuming.
Step 1 - Product is $49.24. STep 2 - I then choose a random price $59.95. Step
3 - 59.95 * 0.15 = 8.99 - 59.95 = -50.95+49.24 = 1.72. STep 4 - 1.72 is lower than $3
margin. Step 5 - Start over choosing random price to get above the $3 margin.
As you can see I can quickly do this is my head BUT figuring what price to start at is tedious and as you see I underpriced in this example. I would have to go over the whole formula to accurately figure it out.
Thanks for the help!
