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How to Price Your Food Product

November 30, 2015

We recently had applied research food scientist Rob McCurdy visit Food Starter to give a seminar about the importance of food entrepreneurs nailing down their product pricing. 

Business is tough. Pricing your product right helps alleviate some of the risk because now you know you’ll be making enough money when you sell your product to customers.

“Will consumers pay for a $12 jar of jam? Maybe. You’ll have to find out. Or, does 4x the jam move when it’s $3.99? No one will know until you test your pricing. And if you find consumers will pay less, you might want to see if you can cut your costs down. With that being said, you still need to make money. A higher price point may be the only option for now.”

Rob wanted to share this article to aid in exploring this very important concept.

pricefoodproduct

 

 

Rob McCurdy M.Sc.

Applied Research Food Scientist

Food Innovation and Research Studio (FIRSt)

George Brown College

Centre for Hospitality & Culinary Arts

 Rob-McCurdy

300 Adelaide St. E, Room 219

Toronto M5A 1N1

416.415.5000 (x 4207)

[email protected]

www.georgebrown.ca/first

 

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