Why is product profitability analysis important?
Asked 2 years ago
Why do I have to analyze a product's profitability before I decide to use it? It seems so hard to do. Why can't I list it in my store and see how t does?
Declan Warner
Monday, March 21, 2022
The product profitability analysis is vital because of multiple reasons, including:
- The investigation lets us know the hidden labor cost and the actual expenses of our item.
- We can assess the product and its actual margins. This information guides us in settling on product positioning, pricing, promotion, placement, etc.
- Product profitability analysis accelerates the profit margins and identifies areas to control costs.
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