<|im_title>Price for Level 3 Diploma in Fashion
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<|im_title>Understanding Price Fundamentals
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Price is a critical element of any fashion purchase, influencing everything from the initial asking price to the final sale price. This unit will provide a comprehensive understanding of price concepts, including
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<|im_title>Defining Price Range
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A price range is the range of prices a product can be sold for. It encompasses the minimum and maximum price a product can be sold for, including the asking price, the lowest acceptable price (LAP), and the highest acceptable price (HAP).
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<|im_title>Understanding Price Elasticity
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Price elasticity measures how responsive demand is to changes in price. A price elastic good has a high price elasticity, meaning that demand decreases significantly when price increases, while a price inelastic good has a low price elasticity, meaning that demand is not significantly affected by price changes.
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<|im_title>Factors Influencing Price
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Several factors influence price, including
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<|im_title>Production Costs
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The cost of production is a major factor that affects price. Lower production costs can lead to lower prices, while higher production costs can lead to higher prices.
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<|im_title>Market Demand
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The demand for a product is also a major factor that affects price. High demand can lead to higher prices, while low demand can lead to lower prices.
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<|im_title>Competition
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Competition is another major factor that affects price. When there are many sellers in a market, prices can be lower, while when there is only one seller, prices can be higher.
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<|im_title>Negotiation and Bargaining
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Negotiation and bargaining are often used tools for determining price in a transaction. Buyers and sellers can negotiate the price of a product before a purchase is made, or they can negotiate the price after a purchase has been made.
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<|im_title>Price Marking and Pricing Strategies
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Price marking is a strategy where a product is priced above its cost price. This strategy is often used when the product is perceived to have a higher value than its cost price. Price marking can be used to create a premium for the product, but it can also lead to lower profit margins.
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<|im_title>Price Audits and Price Comparisons
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Price audits are a process where a product is tested to ensure that it meets the required specifications. Price comparisons are a process where products are compared to each other to determine which product is the best value for the customer.
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<|im_title>Conclusion
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Price is a complex and multifaceted concept that plays a critical role in the fashion industry. By understanding price fundamentals, buyers and sellers can make informed decisions about pricing strategies, product positioning, and negotiations.
The assessment is done via submission of assignment. There are no written exams.