Note that the concept of price more usefully represents a customer-oriented perspective taken by marketers, rather than only "What we charge the customer." Thus, an effective pricing strategy necessarily takes into account barriers to purchase, i.e., sacrifices required to obtain a product or service, as well as the prospect that company circumstances and objectives may differ.
Choose a product and explain the pricing strategy for this product.
What do you think are its objectives?
What barriers to purchase, including, but not limited to its cost, do you expect its potential customers to experience?
In your judgment, is the strategy effective or not based on the objectives that you identified? Explain. What other approaches would you recommend in setting a pricing strategy for this product?