Understanding the fundamentals of product pricing is more important than trying to understand and anticipate the economy.
I am again working through Adam Smith's books, The Wealth of Nations, which was written in 1776. What is happening in the economy currently is based on fundamentals that have been around for millenniums. Covid_19 may be new, but the impacts, economic movements and consumer reactions are not new.
Below is a quick overview of break-even price per item on the price demand relation.
I highly recommend that you study economic fundamentals and correlate it to your business' current and historical data in detail.
It has unlocked so many opportunities and invaluable insights for us, as well as given us guidance as to where we should go next.
We make use of our own automated BI tool, MyBI App, to get live and interactive dashboards and statistical reports.
What do you use to generate your BI reports?
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MyBI App generates live and drill-able Management Accounts from transaction level data directly from the accounting database. MyBI App has been fully developed to automatically integrate with Pastel Partner and Pastel Xpress.
