More than two decades ago, the leaders at Heinz food company tried something new to solve a pricing problem. They created what is now called price-based costing to address the profitability of their 9-Lives cat food brand. Typically, the price for products, like cat food or any food or pet product, is based on the costs required to produce it. The retailer pays the wholesale price and adds a markup.
Working Backwards to Solve a Hard Problem
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