The principle is simple: take a product that is ubiquitous and market-aware and price sensitive in the countries in which you want to sell. Find out what it sells for and use that as your price converter.
And the products he suggests using?
From www.timnash.co.ukBig Macs from McDonalds - and for higher value items he suggests iPods.
How would you determine the price of a product or service for multiple countries?
- You could go through each country and work out a value.
- You choose a base currency and do real time conversions.
- You could use comparable item counting.
Product Counting - (Finding a product similar to your own and using its price in each country to set your own.) The problem is that the product has to be the same in each country, and it doesn't account for import costs.
So how do burgers help? Well, let's start with an example:
Read more at www.timnash.co.uk