We subsribe to a third party vendor service that looks at our pricing for individual products and benchmarks to pricing that other members of this same service.
When they return out data, this give us the Benchmark Low and High and also 25th, median and 75th percentile.
I am trying to come up with a scoring system that I can use for each item. For example, My first item has a price of $2.56. Our benchmaking service indicates that the low price paid by all of its memebers is $2.08. Median is $2.64. So our price falls between low and median - being closer to the median.
I would like to come up with a scoring formula that would rate each of our prices on a scale of 0-100 (100 being worst price or same as highest benchmark price).
Any ideas? Does EXCEL score at all???
Thanks for your help!!!