The administration of new products is done by the buying category.
When the final laboratory analysis is complete, the Category Administrator will request pricing for the product. Pricing Administration will calculate the retail price based on the landed cost, which includes the supplier quote, freight cost and any duty or excise. If the quote is in a foreign currency, the rate in effect when the purchase order arrived will be applied.
The Supplier quote for new products will have been entered into NISS by the Agent when the application was first completed. The final calculated retail price is provided back to the buying category for review and approval.
If the pricing is approved, it will be implemented for the next day and the product can be sold. If the calculated price does not work out to the agreed-upon price, the Supplier may be asked to provide a revised lower quote to achieve the desired price.