Conceptual Understanding:
1. Why is changing the price the last step a marketer should undertake? Explain using examples.
2. If you were introducing a new product that could be perceived as imitative of others in a crowded market, which pricing strategy might you adopt?
3. If you were introducing a truly innovative new product such as the first iPhone, which pricing strategy might you adopt?
4. List and explain three (3) internal and three (3) external factors that affect pricing. Please provide examples in your answer?