Marketing 16th Edition by William Pride,Ferrell

Exercise 50

Setting the right price for a product is a crucial part of a marketing strategy. Price helps to establish a product's position in the mind of the consumer and can differentiate a product from its competition. Several decisions in the marketing plan will be affected by the pricing strategy that is selected. To assist you in relating the information in this chapter to the development of your marketing plan, focus on the following:
Review the various types of pricing strategies in Table 21.3. Which of these is the most appropriate for your product?

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.