Optimizing Pricing Strategies for Enhanced Product Margins

Open
Ofori
Cambridge, Ontario, Canada
Daniella Addison
Owner
(57)
5
Project
Academic experience
60 hours of work total
Learner
Anywhere
Intermediate level

Project scope

Categories
Market research Operations Competitive analysis Financial modeling Marketing strategy
Skills
cost of goods sold (inventory) strategic planning growth strategies market dynamics financial analysis direct-to-consumer (dtc) pricing strategies wholesaling
Details

Ofori seeks to enhance its pricing strategies to maximize product margins while aligning with its long-term growth strategy in both wholesale and direct-to-consumer markets. The project involves analyzing the Cost of Goods Sold (COGS) to ensure that pricing structures are optimized for profitability. Learners will apply their knowledge of financial analysis and strategic pricing to evaluate current pricing models and propose adjustments. The project aims to provide insights into how pricing can be leveraged to support Ofori's growth objectives. By focusing on both wholesale and retail pricing, learners will gain a comprehensive understanding of market dynamics and pricing strategies. This project offers a practical application of classroom concepts in a real-world business context.

Deliverables

- A detailed report analyzing the current COGS and pricing structures.


- Recommendations for optimizing wholesale and retail pricing to enhance product margins.


- A strategic plan aligning pricing strategies with Ofori's long-term growth objectives.


- A presentation summarizing findings and proposed pricing adjustments for stakeholder review.

Mentorship
Regular meetings

Scheduled check-ins to discuss progress, address challenges, and provide feedback.

Supported causes

The global challenges this project addresses, aligning with the United Nations Sustainable Development Goals (SDGs). Learn more about all 17 SDGs here.

Good health and well-being

About the company

Company
Cambridge, Ontario, Canada
0 - 1 employees
Education, Cosmetics & beauty
Representation
Minority-Owned Women-Owned BIPOC-Owned Small Business Social Enterprise
+ 1

Ofori's mission is to create a society that is aware, informed, knowledgeable and equipped to make informed decisions about the products and processes marketed to BIPOC consumers that harm and hurt while taking away from their natural state of beauty. We hope to enhance the confidence and quality of life of BIPOC consumers struggling with caring for their hair and skin with our safe and affordable products.