Imagine that you are the newly hired brand manager for a T-shirt company whose new line is about to come out. Because of a major fashion magazine's very positive review of the line, the company wants to reposition the brand as a premium youth brand. Your boss asks what price you should charge for the new T-shirt line.
The current line, considered mid-range retail, is priced at $20. What steps might you undertake to determine what the new price should be?