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What is full cost pricing?

Full cost pricing involves setting prices based on the total cost of producing and delivering a product plus a markup for profit. This method covers all fixed and variable costs, ensuring that all expenses are accounted for in the price. While it ensures cost recovery, it may not always consider market demand or competition, potentially affecting competitiveness. Businesses often use this strategy for simplicity and to ensure profitability, but may adjust based on market feedback.

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