Foundations of Marketing 7th Edition by William Pride,Ferrell

Exercise 15

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:
Select a basis for pricing your product (cost, demand, and/ or competition). How will you know when it is time to revise your pricing strategy?
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.