Foundations of Marketing 5th Edition by Ferrell,William Pride

Exercise 11

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:
Select a basis for pricing your product (cost, demand, and/or competition). How will you know when it is time to revise your pricing strategy