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Vilnius gediminas technical university

Faculty of business management

Department of finance engineering

Course project

1 kg of potatoes of the UE"Liel". The calculation of price: involving cost analysis and break-even method

Student:

Evgeny Makarychev, vvfuc-13

Academic supervisor:

doc. dr. Indre Lapinskaite

Vilnius, 2015



Contents

Introduction

1. Theoretical aspects of pricing

1.1 Pricing system. Essence of prices and its functions

1.2 Variable costs companies. Determining variable costs and economic sense

1.3 Classification of variable costs of companies

1.4 Formula for the calculation of variable costs

1.5 Vat

1.6 Break-Even point

1.7 Manufacturing costs and non- manufacturing costs

1.8 Pricing Strategies

2. Description of company and product

2.1 A brief description of the industry (market) in which the company operates: identification of the industry and market type, business competitors and their market shares

2.2 B2C

2.3 Company's pricing strategy for discounts, pricing features

2.4 Variable and Fixed costs

2.5 Mark up

2.6 Break-even point

2.7 Company's pricing strategy

Conclusion

References



Introduction

The theme of this course work is a pricing policy of the enterprise, which, in my opinion, is the most relevant and important for the enterprise, the purpose of which is to achieve a profit.

All organizations face a problem of making a price for its products and services. Price has been and remains the most important criteria for consumer decision-making and is a major factor determining consumer choice among low-income groups.

In this regard, the main purpose of the course work is the opening theme pricing. To do this, you must consider the notion of price, the price in a market economy functions, the types of prices and pricing models and pricing strategies. In answering these questions the scientific literature and materials practice was used.

in order to more fully develop the theme of my course work, I was considered an example of effective use of pricing policies in the unitary enterprise "Liel", which produces clean vegetables in the vacuum packets.

The tasks are: make a resource on pricing, pricing strategies, pricing tools. Practical parts :Break-even point analysis, mark up, complete company's strategy and make a conclusion.



1. Theoretical aspects of pricing

A special place in the system of the market economy takes prices, pricing, pricing policy. Price is an economic category, meaning the amount of money for which the seller wants to sell, but the buyer is ready to buy goods.

Price - economic concept, the existence and the essence of which, no need to explain and prove. Since childhood, as soon as a person has to observe or to participate in the purchase, it is at the household level, perceives, what the price is and what role it plays in his life and in the lives of others.

The high price means that the thing is expensive, and it requires a lot of money buying cost, low price means low cost and less stress on the buyer's pocket. However, the price, or rather, prices, the whole set of them represent not only an individual, a personal, but also public, a social category. They regulate both the individual purchase and sale of goods to consumers, and economic processes in general, including the production and distribution of goods, exchange or consumption of goods, services. There already all prices, taken together, in view of their formation and changes act as a common, unified, coherent pricing mechanism.

This feature prices and their impact on the economy scale of not only in the individual and family, but also businesses, industry, territory, country, much less known the for the average man.

Not everyone knows that the economy tens of millions of prices apply, under a single notion of "price" means the set of prices of varieties, including wholesale, retail, adjustable, contract, free-market, government, contract, forward, design, limit, and a number of other.

Widely Used in the economy of any type (centralized, market-oriented, mixed), the prices are formed and operate in different economies in different ways. According to Communist doctrine pure distribution, the economy can do without money, and, consequently without prices, whereas the market economy is becoming meaningless without a price without a price.

Prices, of course, is a thin, flexible instrument and at the same time quite powerful economic lever, though their real possibilities of impact on the economy in general and on the quality of life in particular. Much less are hopes of prices on the price mechanism in human beings. The directive-driven economy prices are used as an external regulator, the impact tool of the government, while in the market, they form part of the self-regulation system.

The price mechanism is necessary to distinguish and allocate two interacting parts. On the one hand, the prices themselves, their types, structure, size, and the dynamics of change, on the other - pricing as a way of establishing the rules of formation of the new prices and changes in existing ones. Pricing with which people are familiar is far less than the prices, has been an active defining part of the whole of the price mechanism. It is, in fact, determines the value of the price. But most of all pricing is hidden from us, and the prices we see in reality. Prices and pricing constitute in their unity the price mechanism. (Source: Made by author)

1.1 Pricing system. Essence of prices and its functions

Price - multifunction economic phenomenon, a leading market category. Price change often entails serious social, economic and political consequences. Therefore, in a comprehensive and objective information about the prices, in-depth analysis of patterns and trends in their changes all society is concerned, not only power structures, and marketing services.

Price - the amount of money paid per unit, equivalent exchange of goods for money.

The essence of the prices, its economic nature is manifested in the dual role played by the market price. It acts as:

- Indicator that reflects the policy and market conditions (supply and demand, trade and economic risk, credit and financial situation, the degree of competition in the market, etc...);

- Marketing market regulator, through which the impact on supply and demand, the structure and size of the market, the purchasing power of the ruble, inventory turnover, etc. As a regulator prices allow you to limit the consumption of resources and are motivated to produce.

The market price performs various functions. Price - is the mediator and commensuration the exchange of goods for money. Price - an important indicator of market conditions, the level of factor structure and the supply and demand ratio, the territorial distribution of production. Price - is a tool for formation revenue and management of efficiency, the tax factor. Price - is the main component of inflation, means of influence on the investment policy (price increase often leads to an increase in investment attractiveness). Price - a powerful factor in living standards affecting the labor market, the volume and structure of consumption, the level of real incomes of different social groups. And finally, the price - it is an instrument of competition.

Another way to penetrate the essence of the price is to study their functions, describing the role that prices play in the economy. It must be borne in mind that the prices of the functions and methods of their implementation vary depending on the nature of the economic environment in which it operates. First of all, we have in mind the difference of the price mechanism of action in the economy of a centralized state and market-type.

The primary function of prices should be regarded as a measurement. Due to the price one can measure, determine the value of the goods, in other words, to determine how much money the buyer has to pay and the seller to receive for the goods sold. Prices allow money as a means of payment to acquire the quantitative determination in the sales act. Knowing the price of weight, volume, piece goods unit and multiplying it by the number sold by the seller and the buyer acquired units, we set the value of cash payments for goods and services. Based on the price of labor power, work, wages are measured.

Price is an objective category, its value due to the action of the laws of supply and demand, and monetary circulation. When trying to establish an order in the so-called "right", "good", "necessary", "fair" prices, breaking the objective economic laws, the economic situation would react to such actions deficit depression, inflation, speculation, social injustice, forced distribution. The transition from the state to the market price cannot and should not be instantaneous-governmental, so it is impossible to completely avoid regulatory influence of the state on the price, the price mechanism, and price policy.(Source: (1,1.1 - Bazdnikin AS, Prices and pricing: Textbook - M.: Yurayt-2004.) (Prices and pricing: Textbook / IK Salimjanov, OV Portugalova, The. .E Novikov et al.; eds IK Salimzhanova - M.: TK Welby, Publishing House of the Prospectus, 2003).

1.2 Variable costs companies. Determining variable costs and economic sense

Variable costs of the enterprise - this is the cost of the enterprise, which vary depending on the production / sales. All costs of the enterprise can be divided into two types: variable and fixed. Their main difference lies in the fact that some changes to the increase in production, while others are not. If the production activities of the company is terminated, the variable costs disappear and become equal to zero.

Variable costs include:

1. Cost of raw materials, fuel, electricity and other resources involved in production activities.

2. Cost Of goods manufactured.

3. Salaries of Staff (part of the salary, depending on compliance with the rules).

4. Percentage of sales managers, sales and other prizes. Interest paid, outsourcing companies.

5. Taxes that are the size of the tax base and the implementation of sales: excise, VAT, UST premiums for USN tax.

What is the purpose of calculating the enterprise variable costs?

For any economic indicator, rate and term should see their economic meaning and purpose of their use. If talk about the economic goals of any enterprise / company, then there are only two: either increase revenues or reduce costs. If we generalize these two goals in one figure, it turns out - profits / profitability of the enterprise. The higher profitability / profits on the enterprise, the greater its financial reliability, greater opportunity to raise additional debt capital, to expand its production and technical capacity, to increase intellectual capital, increase its value in the market and investment attractiveness.

Classification of enterprise costs into fixed and variable is used for internal management, not accounting. As a result, the balance sheet is no such drains as "variable costs".

Determining the size of the variable costs in the total of all expenses of the enterprise allows analyzing and considering the various management strategies for improving the profitability of the enterprise.

Amendments to the definition of variable costs

When we introduced the definition of variable costs / costs, we are based on the model of linear dependence of the variable costs and the volume of production. In practice, often variable costs do not always depend on the distribution and issue size, so they are called conditionally-variables (for example, the introduction of automation of the production functions and due to the reduction of wages for normal development of the production staff).

The situation is similar to fixed costs, in reality; they also are in the nature conventionally fixed and may change with the growth of production (increase the rent for production facilities, changes in the number of staff and consequently the volume of wages.)(Source: (Kartashov VP, Prikhodko AV Economy organizations (companies): Textbook for secondary special educational zavedeniy. - M.: Prior-izdat, 2004), http://studopedia.ru)



1.3 Classification of variable costs of companies

In order to better understand what the variable costs, consider the classification of variable costs on various grounds:

Depending on the size of the implementation and manufacture:

Proportional costs. The coefficient of elasticity = 1. Variable costs increased in direct proportion to the volume of production. For example, the production volume rose by 30% and the size of the costs also increased by 30%.

Progressive costs. The coefficient of elasticity> 1. Variable costs are high sensitivity changes depending on the size of output. That is, the variable costs increased relatively more of the volume of production. For example, production has increased by 30%, while costs size by 50%.

Digressive costs (analogue. Regressively-variable costs). The coefficient of elasticity of <1. With increasing growth of variable costs of production enterprises reduced. This effect is called - "economies of scale" or "mass-production effect." For example, production increased by 30%, and thus the size of the variable costs increased by only 15%.

Table 1: An example of changes in the volume of production and the size of the variable costs for their various types of elasticity (Made by author)

Type of elasticity	Changes in the amount of production	Changes of the variable costs
Proportional costs	+30%	+30%
Progressive costs	+30%	+50%
Digressive costs	+30%	+15%

1. Statistical indicators emit:

2.1 Total variable costs - include the collection of all variable costs of the enterprise for the whole range of products.

2.2 Average variable Costs- average variable cost per unit of product or group of products.

3. By way of financial accounting and classification on the cost of goods manufactured:

3.1 Variable direct costs - costs that can be attributed to the cost of goods manufactured. It's simple, it's the cost of materials, fuel, energy, wages, etc.

3.2 Variable indirect costs - costs that depend on the production volume and is difficult to assess their contribution to the cost of production. For example, during the production of milk the skim milk and cream are separated. Determine the size of the costs in the cost of skimmed milk and cream problematic.

4. In relation to the manufacturing process:

4.1 The production variable costs - the costs of raw materials, fuel, energy, wages and working personnel etc.

4.2 Non-productive variable costs - costs not directly related to the production of commercial and administrative expenses, for example: transportation costs, the commission intermediary / agent. (Source: (Kartashov VP, Prikhodko AV Economy organizations (companies): Textbook for secondary special educational zavedeniy. - M.: Prior-izdat, 2004), http://studopedia.ru)

1.4 Formula for the calculation of variable costs

As a result, you can write a formula for calculating the variable costs:

Variable cost = raw material costs + Materials + Electricity + Fuel + bonus part of salaries + interest from sales agents; Variable costs = Margin (gross) profit - the fixed costs; The set of variable and fixed costs constitute general costs of the enterprise. Total costs = Fixed costs + variable costs.



Chart 1: The graphical relationship between the costs of the enterprise

How reduce the variable costs?

One of the strategies to reduce variable costs is the use of "economies of scale". By increasing the volume of production and the transition from batch to mass production (economies of scale is shown).

Figure 2: Break point. Economies of scale

The graph of economies of scale shows that an increase in the volume of production achieved break point when the relationship between the cost and the size of the volume of production becomes nonlinear. Source: (http://finzz.ru) (Branch,A. International Purchasing and Management / Alan E. Branch. - Thomson Learning, 2001.)

1.5 Vat

Value Added Tax (VAT) - is one of the most common indirect taxes (otherwise - the consumption tax). Its essence is to add to the price of the sale of a certain percentage of the tax. This tax is paid by the buyer to the seller and he puts it in the state budget. Charged in most countries in the world. Since the tax is classified as indirect - it is, by default, included in the cost of virtually any product or service.

Currently, in the Republic of Belarus the following rates of value added tax:

20% - the overall rate for the sale of goods, works, services, property rights and their exports;

10% - in the implementation, produced in the Republic of Belarus of crop production, animal husbandry, fish farming and bee-keeping;

10% - on importation into the Republic of foodstuffs and goods for children from a list approved by the President;

0.9% or 16.67% - from sales at regulated retail prices, including VAT;

0.5% - on importation into Belarus from the states - members of the Customs Union of diamonds and other precious stones for industrial purposes;

0% - when exporting from the Republic of Belarus of goods and services. (source: http://www.nalog.gov.by/ru/222/)

1.6 Break-Even point

BEP = FC / (Price - VC)

Where;

BEP stands for Break Even Point in units, FC - fixed costs and VC - variable cost.

Other formula is for finding BEP in terms of money:

BEP sales = Price per unit x BEP sales unit

BEP = (FC x Price) / (Price - VC)

The objective of the enterprise is to create a security zone and to provide a level of sales and production, which would ensure a maximum distance from the break-even point. The farther away from the break-even point, the company, the higher is the level of financial sustainability, competitiveness and profitability.

This model usually operates with a linear relationship between output and income / expenses. In actual practice, often non-linear dependence takes place. This is due to the fact that the volume of production / sales impact: the technology, the seasonality of demand, the impact of competition, macroeconomic indicators, taxes, subsidies, economies of scale etc. To ensure the accuracy of the model should be to use it in the short term for products with stable demand (consumption). (Source: ((http://finzz.ru)( Branch, A. International Purchasing and Management / Alan E. Branch. - Thomson Learning, 2001.))

1.7 Manufacturing costs and non- manufacturing costs

Manufacturing costs - direct cost of materials, direct labor costs, overhead costs

Non-manufacturing costs (recurrent costs or expenses of the reporting period) - commercial and administrative expenses.

Direct and indirect costs (according to the method included in the cost). Direct costs include direct material costs and direct labor costs.

Direct material costs. Each production is a product of any materials. Basic materials - are materials that become part of the finished product

Direct labor costs include all expenses for payment of labor, which can be attributed directly and cost-effectively on a certain kind of finished products.

The size of the direct costs per unit of output is virtually independent of the volume of production, and it can reduce by increasing production efficiency, productivity, and introduction of new resource-saving technologies.

Indirect costs - a combination of the costs associated with the production, which cannot (or is not economically feasible) be directly attributed to specific types of products. In domestic economic literature also referred to as overhead.

(Source(http://0eco.ru Selling and Sales Management / David Jobber, Geoff Lancaster - 6th ed. - Prentice Hall, 2003)

1.8 Pricing Strategies

Cost Plus Pricing

Cost plus pricing is a cost-based method for setting the prices of goods and services. Under this approach, you add together the direct material cost, direct labor cost, and overhead costs for a product, and add to it a markup percentage (to create a profit margin) in order to derive the price of the product. Cost plus pricing can also be used within a customer contract, where the customer reimburses the seller for all costs incurred and also pays a negotiated profit in addition to the costs incurred.

Value-based pricing

Value-based pricing is the setting of a product or service's price, based on the benefits it provides to consumers. By contrast, cost-plus pricing is based on the amount of money it takes to produce the product. Companies that offer unique or highly valuable features or services are better positioned to take advantage of value-based pricing, than companies whose products are services are relatively indistinguishable from those of their competitors.

Customer-based strategy

When company try to use this strategy, they start with determine how much customer is willing to pay for its product or service and then charges the price. This strategy gives the company flexibility to charge different prices to different customers. So company can achieve a high volume of sales at the best possible margin. Under the customer-based strategy there are many pricing strategies like penetration, skimming, loss leaders and etc.

Competitor-based pricing

When there are many competitors in the market, customers facing wide choice of prices. They may choose cheapest product/service or the one which offers the best product/service. Usually companies in the competitive market do not have power to be able to set higher prices than their competitors. As we know from microeconomics, they are price taking companies so they must accept the going market price as determined by the forces of demand and supply. On this strategy, companies need to think different ways which is non-price methods to attract their customers.

Mark-up

Markup is the difference between the cost of a good or service and its selling price. A markup is added onto the total cost incurred by the producer of a good or service in order to cover the costs of doing business and create a profit. The total cost reflects the total amount of both fixed and variable expenses to produce and distribute a product. Markup can be expressed as a fixed amount or as a percentage of the total cost or selling price. Retail markup is commonly calculated as the difference between wholesale price and retail price, as a percentage of wholesale. (Source: "Pricing Strategy" By Scott Allen)



2. Description of company and product

UE "Liel" - the first and largest company in the Republic of Belarus in the field of semi-finished products based on vegetable vacuum storage.

There goods in the first nine years of operation the company has proven itself in the restaurant business, as well as its own production in large commercial networks of the Republic of Belarus and abroad.

Unique technology and equipment, specially grown for the production of our varieties of vegetables, the special conditions of their cultivation, storage and processing allow the perfect to keep all natural nutritional and taste properties without chemical additives and freeze for 10 days.

As a product for the coursework, I chose potatoes, which are 50% of total production.

2.1 A brief description of the industry (market) in which the company operates: identification of the industry and market type, business competitors and their market shares

The company operates in food industry. Mostly this industry consists of meat, milk, alcohol, non-alcohol drinks.

There are almost none companies that are producing vegetables, so, there are not even statics that refers to it.

Here is provided Main indicators of economic activity "Manufacture of food products and drinks".



Table 2: Main indicators of economic activity "Manufacture of food products and drinks" (sources: National statistical committee of the RB, 2015, point 5.5.1. page 138)

	2009	2010	2011	2012	2013	2014
Number of organizations, units	805	815	807	805	807	807
The volume of industrial production, bln. Rub.	26297	33558	61344	113705	135768	159763
2005 = 100	131.5	145.6	158.3	165.4	168.2	165.7
2010 = 100	x	100	108.7	113.6	115.5	113.8
previous year = 100	104.9	110.7	108.7	104.5	101.7	98.5
The share of economic activity in the total volume of industrial production, percent	20.3	20.1	17.6	18.5	22.4	23.7
Average number of employees, thous.	149.4	151.8	151.7	150.9	150.5	149.9
The share of the average number of employees of economic activity in the average number of workers in industry, percent	13.7	14.1	14.1	14.2	14.5	15.1
Nominal gross average monthly wages and salaries, ths. Rub.	997.6	1259.7	1986.5	3871.1	5542.5	6521.1
The ratio of the average monthly wage of employees of economic activity to the average monthly salary of industrial workers, percent	94.9	95.8	94.9	95.4	101.1	102.3
Profit from sales of products, goods, works, services, bn. Rub.	1340.8	2565.8	7386.4	9343.4	12389.9	13438.1
Return on sales, percent	4.8	7.3	11.8	8.1	8.5	8.0

economic price market competitor

Figure 2: The share of regions and the city of Minsk in the volume of industrial production by kind of economic activity "Manufacture of food products, including drinks and tobacco" in 2014(Source: National statistical committee of the RB, 2015, point 5.5.2. page 138)

There are a lot of different statistics on a big variety of products: meat, milk, drinks, but the market of cleaned vegetables in the vacuum packets, so I can only present the statistics of total food industry.

Competitors

There are 3 main competitors - private enterprises "TerraServisTorg", Agrolita and Farm "Pakush".

Table 3: competitors (made by author)

	TerraServisTorg	Agrolita	Pakush
Price ( bruto)	0.8	0.79	0.81
Market share	~20%	~25%	~20%

We can see that competitors share 65% of market share.

They have similar product, the only thing, what they have changed - they put chemicals in order potatoes to last longer. The information about their costs is not published, so, I can't show it, unfortunately, to compare mark up with them.

2.2 B2C

The company, which I am analyzing, is not working with B2C.

2.3 Company's pricing strategy for discounts, pricing features

The UE "Liel" usually makes different discounts in the time of crisis(What is often, because of situation in Belarus), in order to save the turnover. Also, there are discounts for clients, who are taking a big amount of product, due to economics of scale, then, there are discounts to the businesses, who are paying on time, due to inflation. Also, to cafes, that have cheap menu.



2.4 Variable and Fixed costs

On the table below we can see variable and fixed costs of the chosen company. All data I got by myself by asking the director of the company. The turnover is 42000 kg per month. The price, with which potatoes are selling - 0.777 euro.

Table 4: Variable and fixed costs of "Liel (Made my author)

No	Names of the price's elements	Value (euro)	Value devided in two (euro)	Value devided in 21 000 (euro)	Value in percatage %
	Variable costs
1	job wage -- for 1 kg	4200	0.1(2100)	0.1	24.69%
2	Minor expenses: soap, paper, gloves, water	400	200	0,01	2.469%
3	The price per kilogram of potatoes	(0290	0.245(5145)	0.245	60.49%
4	The price of packets per 1 kg	2100	0.05(1050)	0.05	12.35%
	Variable costs	16990	8495	0.405	76.42%
	Fixed costs
1	Utilities	200	100	0,005	4%
2	rent	1000	500	0,02	16%
3	Salary for workers	3800	1900	0,1	80%
	Fixed costs	5000	2500	0.125	23.58
	TOTAL COST	21990	10995	0.53	100%
	Mark up (11.84%)			0.092
	VAT(20%)			0.155
	Net Price			0.622
	Bruto price			0.777

We can see that variable costs are much bigger, than fixed cost. VC = 76%, while FC = 24%.

It means that enterprise has elasticity to the turnover.



2.5 Mark up

Mark up = Price-(cost+vat)= 0.777 - ( 0.53 + 0.155) = 0.092

VAT= 20% from 0.777 = 0.155

For Net Price:

Net Price = Cost + Markup = 0.53 + 0.092 = 0.622

For Bruto price:

Bruto Price = Net Price + VAT = 0.622 + 0.155 = 0.777

2.6 Break-even point

About calculation of Break Even Point (BEP), first I would like to calculate it by myself with formulas that I mentioned on theory part of course work.

BEP = FC / (Price - VC) = 2500/ (0.777 - 0.404523809523809) = 6711.838404500118

BEP sales

If we would like to calculate BEP due to the sales then:

BEP = (FC x Price) / (Price - VC) = (2500*0.777)/(0.777 - 0.404523809523809)= 1942.5/0.372476190476191=5215.098440296592

BEP calculation with Excel



Figure 3: BEP calculation

Chart version of BEP analysis

Chart 2: BEP analysis

Figure 4: Break even point and BEP in sale

Price change 10% and unit variable 5%

Figure 5: BEP calculation table with increase



Chart 3: BEP analysis with increase

Figure 6: Break even point and BEP in sale with increase

As you see, this increase will increase total cost and net income. Other way, BEP will decrease from 6,712 to 6,028. Let's try to decrease percentages on the same amount.

Figure 7: BEP calculation table with decrease

Chart 4: BEP analysis with decrease



Figure 8: Break even point and BEP in sale with decrease

We can see, that BEP has increased, while Sales, Net Income and Total Cost became lower.

2.7 Company's pricing strategy

UE "Liel' trying to succeed with a simple strategy, they call it "everybody wins", it means - they are trying to make prices in order to give every stakeholder (Clients, directors, employees, suppliers) a good profit. But it works only with honest businessmen, of course. Also they use Competitor-based pricing. Due to inflation prices are changing often, so competitors always look at each other changes in price in order to succeed with their own price.



Conclusion

In conclusion I want to mention, that, first of all, enterprise "Liel" operates in the market that is affected by a huge crisis. Turnover changes a lot, because of it. As I mentioned before, enterprise has more variable costs, then fixed, it means, if the turnover go down - expanses will go down too. This elasticity makes an enterprise strong. Due to crisis directors are forced to make discounts for the companies, who pay on time, in order to have their money. An enterprise has a lot of variable costs - more then __%, it means, it's very sensitive to the turnover. From the break-even analysis (BEP equals 6712, while turnover is 21000), it's seen, that company has some space, between there break-even point and there turnover. That's good for the enterprise;

UE"Liel", as I have said before - is the very first enterprise in the market of clean vegetables in the vacuum packet. But within some time, of course, competitors have come. There are 3 competitors, those shares 65% of all market. There prices are almost the same, but due to big inflation, they can't be called fixed. I can't compare UE"Liel" with its competitors because, the costs and turnover of them is not published.

An enterprise that I am analyzing is using competitor-based pricing. I can say that this strategy works well; an enterprise has 35% of all market. Also, "win-win" strategy is used. It's not working with every businesses, but I believe, that has helped UE"Liel" in becoming the market leader.

I would recommend to follow, what are they doing now, in my opinion - it is the best way



References

1. Kartashov VP, Prikhodko AV Economy organizations (companies): Textbook for secondary special educational schools. - M .: Prior-izdat, 2004

2. http://studopedia.ru

3. http://www.nalog.gov.by/ru/222/

4. "Pricing Strategy" By Scott Allen

5. Bazdnikin AS, Prices and pricing: Textbook - M.: Yurayt-2004

6. Prices and pricing: Textbook / IK Salimjanov, OV Portugalova

7. The. E Novikov et al.; eds IK Salimzhanova - M.: TK Welby, Publishing House of the Prospectus, 2003.

8. http://0eco.ru

9. Selling and Sales Management / David Jobber, Geoff Lancaster - 6th ed. - Prentice Hall, 2003

10. National statistical committee of the RB, 2015,

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