7 Choose a consumer product with which you are familiar. For that product, discuss its pricing...

7

Choose a consumer product with which you are familiar. For that product, discuss its pricing strategy. What other strategies could work for that product? Did the company use cost-plus, full-cost, or incremental cost in its strategy?

Expert Solution

Here am taking a refrigerator as a consumer product, thus here am progressing to discuss its pricing strategy and what alternative methods might work for this product. simply follow as below.

Regardless of whether or not you propose to supply your merchandise at a low-price or high worth, you want to 1st perceive your market and strategize per its demand and financial gain level. Learning a way to produce a competitive product evaluation strategy in business is crucial, particularly if the goal of your selling arrange is to extend market share and survive terribly} very competitive atmosphere.
To pave the method for a solid foundation, so your business will survive and grow within the long run, you would like to focus a decent a part of your energy on establishing a competitive evaluation strategy.
below square measure the important factors which will influence the evaluation of my product.
1st perceive market
Since worth is a crucial part of the “4 Ps” of promoting, and a posh subject itself; then i have to work my costs to replicate the worth providing as opposition my competitors.
Study the competition
Alternative and effective evaluation methods for starters need matching the strength that the competition displays. a decent example would be focusing additional on my service and quality blessings, product differentiation victimization new and existing differentiating options.
What evaluation Objectives?
What square measure my evaluation objectives? What do i aim to attain with my evaluation strategy and techniques? These square measure the queries i have to answer before coming up with my business and selling strategy. Below square measure some evaluation objectives i could wish to think about.
• To maximize profit
• To attain or maintain market share
• To attain target come back on investment
• To meet or forestall competition
• To maintain stable costs
After understanding my very own merchandise, and my competitor’s strategy; it’s currently time to make my very own evaluation arrange, strategy and tactics.
3 styles of evaluation strategies and techniques
• Cost familiarised evaluation
• Competition familiarised evaluation
• Demand familiarised evaluation

keosha answered 4 months ago

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