Margin vs. Markup: What's the Difference?
Understanding the difference between margin and markup is crucial for setting the right price for your products and services. While they both measure profitability, they are calculated differently.
Gross Margin
Gross margin is a percentage of the revenue. It tells you how much of every dollar earned is actual profit.
Markup
Markup is a percentage of the cost. It tells you how much you have increased the price over your costs.
Example Calculation
If you buy a widget for $50 and sell it for $100:
- Profit: $100 - $50 = $50
- Margin: ($50 / $100) = 50%
- Markup: ($50 / $50) = 100%