What is Pricing Strategy?

This video details pricing strategy and how it fits into a firm's overall marketing strategy.

This video is helpful for anyone attempting to understand the basics of the pricing side of marketing, including marketing undergraduate students, undergraduate business students, marketing graduate students, high school students studying business, or someone looking to start their own business.

Specifically, this will help an individual understand what goes into pricing your product by examining different pricing strategies.

This video is classified under pricing strategies in marketing.

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0:00 Introduction
0:06 What is pricing strategy and why does a firm need it?
0:32 Key Concept Applicable to Any Pricing Strategy
3:29 Competition-Based Pricing Strategy
9:56 Customer-Oriented Pricing Strategies (Cont.)
19:37 Cost-Plus Pricing Strategy Concept
20:07 Cost-Plus Pricing formulas
22:10 Cost-Plus Pricing Example
22:57 Pros and cons of cost-plus pricing

[dcj]

What does the 1 represent in the formula for cost plus formula?. On the internet i cant find this specific formula for cost plus method