“Pricing Strategies” Please respond to the following:
- Pick a health and beauty brand and item you use regularly; for example, shampoo, shaving cream, moisturizer, razor blades, etc. Imagine this brand is extending its reach to a new target audience with a new product. Identify this new target audience and then outline the beginnings of a pricing strategy for this new product, by offering specifics instead of generalities about the strategy. For example, do not merely say “I suggest a competitive price.” Instead say, “I suggest a high-volume, low-introductory price.” Provide a rationale for your strategy choice(s).
- In today’s economic climate, retailers are continuously conducting sales in order to get customers in their doors. Analyze the short-term and long-term effects of continuous sales to all stakeholders.