Pricing products in any Market

1) What aspects of the product, company, and market determine the appropriate price of a new product? How would you determine what is most influential in determining the price of your new product or service? Provide an example that illustrates your answer.
Some of the aspects that determine the price of a new product within the business, company, product, or market would include: selecting the pricing objective within the company. The business research team would need to estimate and determine how the demand curve is at to determine the price of the product. To estimate the costs and variances at the different level outputs within the business. Therefore, the research team would analyze the competitor’s along with the prices, offers, and costs associated with the product. Furthermore, the company would have to select the right pricing method and decide on the final price of the product. Moreover, company’s rarely set a single price for the products that they sell. The company’s structure a pricing plan in place to show the variations in the geographical demands or costs associated with the product.
In order to determine the price of the new product or service through our assignment I would have to implement a focus group or demo of the product to certain prospective consumer’s to see how much they would purchase the product or service for. There can be several ways to get the information that is needed to make a solid and logical judgement on whether or not the product or service would be beneficial to the company. By administering a variety of tests during different times or in different stages would benefit the business. PSM is a test that is widely used throughout the world in different businesses to determine which price range is appropriate for the product or service being offered. Another option is to measure the demand curves to find out the primary influences within that community or certain prospective consumer’s. Which would include a variety of surveys, and experiments.

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