Assignment:
Pricing of a brand is one of the important element used to entice consumers to purchase it. A company does not randomly choose a price for its brands, but instead uses pricing strategies to find the right price. The other type of strategy you read about in this unit is product strategy. Examples of product strategies include perceived quality and perceived value. In this assignment, you are asked to investigate both. To do so, complete the following:
- Choose a product category, such as health and beauty.
- Profile at least three brands within the category, based on:
- Pricing strategies (complementary pricing, targeted pricing).
- Perceived value (a product strategy).
Review the brands' pricing histories and answer the following:
- Explain the pricing history. If you are unable to find the pricing history, explain that and what you did to try to find it.
- How were the prices originally set?
- Have these prices been adjusted properly for current demand?
- What would you do differently?
Note: If you are unable to review the brands' pricing histories, answer the following instead:
- Explain that and what you did to try to find it.
- Are the prices set properly for current demand?
- What would you do differently?