Foundations of Marketing 5th Edition by Ferrell,William Pride

Exercise 3

Setting the right price for a product is a crucial part of marketing strategy. Price helps to establish a product's position in the mind of the consumer and can differentiate a product from its competition. Several decisions in the marketing plan will be affected by the pricing strategy that is selected. To assist you in relating the information in this chapter to the development of your marketing plan, focus on the following:
Review the various types of pricing strategies in Table 13.3. Which of these is the most appropriate for your product