I need some help with this assignment. Using an online calculator to calculate COGS (cost of good sold), select a product bearing in mind that the numbers used will be hypothetical but be as realistic as possible when producing the estimates. Show the calculations.
Using the following guidelines, make an educated guess as to what costs would be involved in producing any given number of the product you selected. Take into account as many costs as you think of (e.g manufacturing, shipping, packaging).
One you have calculated your COGS, decide how much you want to mark up the pricing of your product in order to create the best gross margin, aligning with the price that fits your brand.
Consider the following providing an explanation for each:
Describe the product chosen
What is the marketing strategy behind the pricing you decided upon?
What is the psychology behind the pricing?
How do you predict customers might view the pricing?
Support your answers with specific citations from relevant sources.