Marketing: Custom Edition for Texas A&M University 17th Edition by William Pride,Ferrell

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The appropriate pricing of a product is an important factor in developing a successful marketing strategy. The price contributes to the profitability of the product and can deter competition from entering the market. A clear understanding of pricing concepts is essential in developing a strategy and marketing plan. Consider the information in this chapter when focusing on the following issues:
Discuss the level of elasticity of demand for your product. Is additional information needed for you to determine its elasticity?
The information obtained from these questions should assist you in developing various aspects of your marketing plan found in the "Interactive Marketing Plan" exercise at www.cengagebrain.com.