Expanded Apps Launches Free "Retail Math" iPhone App for "Right Brained" Executives
Los Angeles, CA, January 28, 2010 --(PR.com)-- Cohl Media, an innovative marketing company and ExpandedApps, a leading developer of iPhone applications, announced the launch of myMarginMate (myMarginMate.com), a free iPhone app that makes retail math simple and easy. The concept was created by Howard Cohl, the founder of Cohl Media, who came up with the idea while working with a leading online wholesaler of merchandise to small businesses.
“I realized there was need for a very simple retail math app when the CEO of a client corporation spent an eternity looking for the “=” button on a financial calculator. When I told him there wasn’t one, he threw it on the floor,” said Cohl. “ExpandedApps was the perfect execution partner,” he added.
myMarginMate is specifically designed for “right brain” business types. The bottom line in retail, and any business for that matter, is margin, cost of goods and pricing. The basic algebraic formulae for calculating those three components can be a bit tricky to do on a standard calculator.
myMarginMate asks you two questions to determine the answer to the third:
1. If you know your cost of goods and retail price, the myMarginMate will tell you your profit margin.
2. Enter your desired margin and your cost of goods, and myMarginMate will tell you the required retail price.
3. Enter your retail price and the desired margin, and myMargin Mate will tell you how much you can afford to pay for your goods.
Imagine you are at a trade show, and come across a wonderful product with cost of $17. You need at least a 55% profit margin. How much can you sell it for? With myMarginMate, you would know instantly that your selling price would need to be at least $37.78.
Or, you’re looking to stock a new category of products with a retail price of $25, and you need at least a 35% margin. How much can the products cost? With myMarginMate, you would know instantly that your cost of goods can’t exceed $16.25.
Or, you want to double check that your products are priced properly because everything needs a 65% margin. You see that a product that costs $12.50 is priced at $27. With myMarginMate, you will know instantly that your product is priced too low because the margin is only 54%.
With retail being the backbone of America, myMarginMate becomes an easy way for managers to teach the basics of buying and pricing to employees, and control their bottom line.
About Expanded Apps, Inc.:
Expanded Apps, Inc. is a software development company specializing in multimedia, interactive applications for the iPhone and other mobile platforms. The company was founded in November 2008 to serve the development needs of the publishing and entertainment industries, both of which have worked for many years with Expanded Apps’ sister company, Expanded Books, Inc.
For More Information:
Howard Cohl, President
Cohl Media
hcohl@mindspring.com
323.365.2988
Skye Van Raalte-Herzog, CEO
Expanded Apps, Inc.
skye@expandedapps.com
Tel: (818) 445-5282
###
“I realized there was need for a very simple retail math app when the CEO of a client corporation spent an eternity looking for the “=” button on a financial calculator. When I told him there wasn’t one, he threw it on the floor,” said Cohl. “ExpandedApps was the perfect execution partner,” he added.
myMarginMate is specifically designed for “right brain” business types. The bottom line in retail, and any business for that matter, is margin, cost of goods and pricing. The basic algebraic formulae for calculating those three components can be a bit tricky to do on a standard calculator.
myMarginMate asks you two questions to determine the answer to the third:
1. If you know your cost of goods and retail price, the myMarginMate will tell you your profit margin.
2. Enter your desired margin and your cost of goods, and myMarginMate will tell you the required retail price.
3. Enter your retail price and the desired margin, and myMargin Mate will tell you how much you can afford to pay for your goods.
Imagine you are at a trade show, and come across a wonderful product with cost of $17. You need at least a 55% profit margin. How much can you sell it for? With myMarginMate, you would know instantly that your selling price would need to be at least $37.78.
Or, you’re looking to stock a new category of products with a retail price of $25, and you need at least a 35% margin. How much can the products cost? With myMarginMate, you would know instantly that your cost of goods can’t exceed $16.25.
Or, you want to double check that your products are priced properly because everything needs a 65% margin. You see that a product that costs $12.50 is priced at $27. With myMarginMate, you will know instantly that your product is priced too low because the margin is only 54%.
With retail being the backbone of America, myMarginMate becomes an easy way for managers to teach the basics of buying and pricing to employees, and control their bottom line.
About Expanded Apps, Inc.:
Expanded Apps, Inc. is a software development company specializing in multimedia, interactive applications for the iPhone and other mobile platforms. The company was founded in November 2008 to serve the development needs of the publishing and entertainment industries, both of which have worked for many years with Expanded Apps’ sister company, Expanded Books, Inc.
For More Information:
Howard Cohl, President
Cohl Media
hcohl@mindspring.com
323.365.2988
Skye Van Raalte-Herzog, CEO
Expanded Apps, Inc.
skye@expandedapps.com
Tel: (818) 445-5282
###
Contact
Cohl Media
Howard Cohl
323 365 2988
Howard Cohl
323 365 2988
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