Old product is sold at 5 and improved product delivers 2, Operation Management

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Old product is sold at 5 and improved product delivers 2

Old Product is sold at $5 and Improved Product delivers $2 more in value to customers than Old Product. Improved Product cost $3 per unit to make.

What is the reference price for Improved Product?

What is the differential value of Improved Product in comparison to Old Product?

What is the total value of Improved Product?

What range would you suggest to marketing for pricing Improved Product?

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Operation Management: Old product is sold at 5 and improved product delivers 2

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Operation Management: Old product is sold at 5 and improved product delivers 2

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