The AI Brainstorming Conference topic for this week is pricing strategy(another element in the MarketingMix). How do you set a price for your product or service? In five to six paragraphs:
1. Based on the strategies of the other three marketing mixelements, explain what pricing objectives you would consider.
2. Identify the pricing objective you ultimately will choose and explain why.
3. Give advice to at least two other participants with regard to their pricing decisions. Do they make sense? Would you make a different decision? Why or why not?
Based on our other marketing mix elements, we will consider various pricing objectives such as revenue maximization, quality leadership, maximizing unit profit margin, etc.
The choice of our ultimate pricing objective will revolve around several issues. Since we are a relatively new company as compared to other established players in the industry, we need to be competitive as compared to other offerings in the market, even though not same as ours in terms of quality and design. We also need to sustain our revenues and profitability in the initial period to survice because we are targeting only high end customers and a very …
Based on the strategies of the other three marketing mix elements, explain what pricing objectives you would consider.