Travel Toy

H

Hughsiford

Registered User
I am trying to figure how to price a fantastic travel toy that is unavailable in Hong Kong. It is small, TSA friendly, with no parts to lose and provides hours of entertainment! In other words, the perfect travel toy that every mom will want. If anyone has worked in retail, what is the typical mark-up? I don't want to price gauge but the retail stores here sell of lot of junk at incredibly expensive prices so just wondering what the market will bear? Thanks.
 
my observation is that Baby items in hk cost 20-50% more than in US. I know of sth like that - the iPhone !
 
Thanks for replies. Cara--I have been in HK long enough to know not to divulge one nugget of information! My t-shirt idea got stolen within one month of moving to HK but I appreciate where you're coming from. My point was that people are willing to pay ridiculous prices at Bumps to Babes but I want to offer a fair price without looking like an idiot.
 
sorry for that, but i still think it's impossible to price something without knowing what it is we are talking about.... maybe talk to your friends (rather than an internet forum).

don't tell them what price you are thinking of, just ask them what woudl they be willing to pay for it. see what responses you get. (don't forget to write them down so that you have a written record of their responses for later use). perhaps then you could get an average?
 
Hughsiford said:
Thanks for replies. Cara--I have been in HK long enough to know not to divulge one nugget of information! My t-shirt idea got stolen within one month of moving to HK but I appreciate where you're coming from. My point was that people are willing to pay ridiculous prices at Bumps to Babes but I want to offer a fair price without looking like an idiot.
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If you have a fair price in mind, why would it make you look like an idiot? If it's as great and unique a product as you say and you are doing it to make money, you should charge it for as much as you can get. It will be a fair price for it even if it's expensive, cos that's what it's worth. Think you only have to worry about pricing if you think that people will not buy it if it's over their expected price. However, if you are doing it just as an interesting personal exercise to benefit all parents, I would say just mark it up a little from your costs.
 
These are very helpful comments. Thank you. Cara--Your suggestion is a good one and I have already done that within a small circle of friends. There was a wide price range so I thought I'd get a broader viewpoint here. Your insights are good, as always.
 
if you want, pm me a picture of what you are talking about... i'd be happy to tell you what i'd pay for it and i PROMISE, i won't steal your idea!
 
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