Importance of Price

Concept to Shop Floor Timeline of making a product:

1. Concept
2. Brief
3. Research
4. Decide manufacturing method
5. Complete your products design
6. Create Prototype
7. Test Prototype
8. Manufacture & Package
9. Pitch & sell the product

Product:

Skateboard Deck in Shrink Wrap

Price:

Costs about £10-£15 to make each, price varies with size of batch, £50 Retail, Discount if over certain amount is spent

Promotion:

The design on it could be done by an artist, Contains special technology, Show professional skaters riding it, advertise in skateboarding magazines, online (adverts, promotional videos)

Place:

Skate shops, Online, Trendy high street shops



Getting the price of a product is incredibly important when selling your own product, as you need to get the highest amount of profits with as little loss as possible. One example to consider is the law of diminishing returns, which refers to the point at which the level of profits is less than the amount of money/energy invested. This point needs to be identified accurately and acted on quickly.