What is Effective Pricing?

For each collection, you will record the overall MIN/MAX/MODE by collection. The effective price includes any and all associated discounts and/or promotions occurring at the time of purchase. 

Basically, what we want to know is how much would this item be if you purchased it right then?  Pricing also includes the following metrics:

• Record the exact ​price - do not round!
• Minimum price: The lowest selling price in the store for an item in a specific category.
  • • *Tip* this will likely be a sale item!
• Maximum price: the highest selling price in the store for an item in a specific category
  • • *Tip* Look for the fanciest item(s) and start there to look for your Max price!
• Mode price: the most common selling price in the store for an item in a specific category. Think of this as the answer to the question, "How much is the typical Kate Spade Collection bag?"
  • • The mode is not a calculation, rather, it price seen the most often for that particular category.
    • **Note: you only record the mode price in Outlets, not Retail. 

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