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How can a small retailer compete with a bigger retailer such as Walmart which has a mass appeal?
Product Cost Concept
An accounting principle that incorporates all costs associated with the production of goods, including material, labor, and overhead.
Selling Expenses
Costs incurred directly in the selling of goods or services, including advertising, sales commissions, and promotional materials.
Markup
The difference between the cost of a good or service and its selling price, expressed as a percentage of the cost.
Cost-Plus Approach
A pricing strategy where a fixed percentage is added to the production cost to determine the sale price of a product.