Markup is often confused with gross margin percent, but they are different. Markup is the percentage added to costs to arrive at a selling price. Figure below shows the sale of 3 product, the markup applied, and the gross margin realized when sold.
The markup is computed by dividing the selling price by the cost and subtracting 1.
=(C3/C2)-1
By marking up the cost of the car cover 16%, you achieve a 13% gross margin, for car matting the mark up is 43% resulting to gross margin of 43% while the car dash cam with a mark up of 25% will give a gross margin of 25%.
If you want to increase your Gross Margin % of any product just adjust the selling price.
Using this formula, you now know how will you sell your product or service with Mark up and gross margin in mind.
Excel solution can be found at https://github.com/alcadelina/mark-up
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