“How do we determine the price of our product?”  The first approach would be to use a cost-plus mark-up approach.  Since you are unable to determine the produc

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“How do we determine the price of our product?”  The first approach would be to use a cost-plus mark-up approach.  Since you are unable to determine the production/manufacturing costs associated with your product your team will implement two other pricing theory tactics covered in the module. 

The first theory you will be implementing will be competitive price comparison.  In this scenario find other similar types of products.  List 3 to 5 comparison products your team identified for pricing comparison.  State why you picked these products and what the price is for each of the products.  Then state what you believe would be a competitive price for your product.   

Now, reflect on the Product Description assignment and review the features and benefits descriptions.  Using this information establish a possible price point for your product using a value-based pricing strategy.  Support/explain your price point decision. 

Now, based on the above approaches, determine what your final price will be.  State why you picked that specific price.   

So evidently mine was wrong so I attached it so you can see my product and this was the feedback from the professor and it is due tomorrow.

 Overall Feedback

Hi Delvone,

This is your temporary grade so do your assigment in an 3ssay format and use the elements of the assignments to organize your work. I will adjust your score if you do your assignment and post it in the same Dropbox. Thank you.

PRICING COMPONENT TEAM ASSIGNMENT

DELVONE SCOTT

SAINT LEO UNIVERSITY

PRINCIPLES OF MARKETING MKT-301-OL02

LEAT KODUA

“How do we determine the price of our product?”  The first approach would be to use a cost-plus mark-up approach.  Since you are unable to determine the production/manufacturing costs associated with your product your team will implement two other pricing theory tactics covered in the module. 

 

The first theory you will be implementing will be competitive price comparison.  In this scenario find other similar types of products.  List 3 to 5 comparison products your team identified for pricing comparison.  State why you picked these products and what the price is for each of the products.  Then state what you believe would be a competitive price for your product.   

 

Now, reflect on the Product Description assignment and review the features and benefits descriptions.  Using this information establish a possible price point for your product using a value-based pricing strategy.  Support/explain your price point decision. 

 

Now, based on the above approaches, determine what your final price will be.  State why you picked that specific price.   


List 3 to 5 comparison products your team identified for pricing comparison
.

1. Lowe’s

2. Walmart

3. Amazon

4. Target

5. Home Depot


State why you picked these products and what the price is for each of the products?

I selected the products based off the similarities to my product type and brand. The price for Lowe’s is $35.00, the price for Walmart is $20.00, the price of Amazon is $30.00, the price of Target is $20.00, and the price of Home Depot is $30.00.


Now, reflect on the Product Description assignment and review the features and benefits descriptions

· Some of my product’s key features and benefits include:

· Rain shower heads feature a low-flow spray that imitates the relaxing feel of rainfall.

· Perforated nozzle that distributes water over solid angle a focal point use.

· Uses less water than a full immersion bath.

· Lightweight construction.

· Versatile can come I different variations.


Using this information establish a possible price point for your product using a value-based pricing strategy.

I believe based on my products features and benefits will justify my price point being around $20-$30 dollars depending on the market at the time I release my product for sell to the consumers.


Explain your price point decision

After my research on pricing theories and comparing similar products for sell in the market I have concluded th

   “How do we determine the price of our product?”  The first approach would be to use a cost-plus mark-up approach.  Since you are unable to determine the production/manufacturing costs associated with your product your team will implement two other pricing theory tactics covered in the module.  The first theory you will be implementing will be competitive price comparison.  In this scenario find other similar types of products.  List 3 to 5 comparison products your team identified for pricing comparison.  State why you picked these products and what the price is for each of the products.  Then state what you believe would be a competitive price for your product.    Now, reflect on the Product Description assignment and review the features and benefits descriptions.  Using this information establish a possible price point for your product using a value-based pricing strategy.  Support/explain your price point decision.  Now, based on the above approaches, determine what your final price will be.  State why you picked that specific price.    So evidently mine was wrong so I attached it so you can see my product and this was the feedback from the professor and it is due tomorrow.  Overall Feedback Hi Delvone, This is your temporary grade so do your assigment in an 3ssay format and use the elements of the assignments to organize your work. I will adjust your score if you do your assignment and post it in the same Dropbox. Thank you. PRICING COMPONENT TEAM ASSIGNMENT DELVONE SCOTT SAINT LEO UNIVERSITY PRINCIPLES OF MARKETING MKT-301-OL02 LEAT KODUA “How do we determine the price of our product?”  The first approach would be to use a cost-plus mark-up approach.  Since you are unable to determine the production/manufacturing costs associated with your product your team will implement two other pricing theory tactics covered in the module.    The first theory you will be implementing will be competitive price comparison.  In this scenario find other similar types of products.  List 3 to 5 comparison products your team identified for pricing comparison.  State why you picked these products and what the price is for each of the products.  Then state what you believe would be a competitive price for your product.      Now, reflect on the Product Description assignment and review the features and benefits descriptions.  Using this information establish a possible price point for your product using a value-based pricing strategy.  Support/explain your price point decision.    Now, based on the above approaches, determine what your final price will be.  State why you picked that specific price.    List 3 to 5 comparison products your team identified for pricing comparison . 1. Lowe’s 2. Walmart 3. Amazon 4. Target 5. Home Depot State why you picked these products and what the price is for each of the products? I selected the products based off the similarities to my product type and brand. The price for Lowe’s is $35.00, the price for Walmart is $20.00, the price of Amazon is $30.00, the price of Target is $20.00, and the price of Home Depot is $30.00. Now, reflect on the Product Description assignment and review the features and benefits descriptions · Some of my product’s key features and benefits include: · Rain shower heads feature a low-flow spray that imitates the relaxing feel of rainfall. · Perforated nozzle that distributes water over solid angle a focal point use. · Uses less water than a full immersion bath. · Lightweight construction. · Versatile can come I different variations. Using this information establish a possible price point for your product using a value-based pricing strategy. I believe based on my products features and benefits will justify my price point being around $20-$30 dollars depending on the market at the time I release my product for sell to the consumers. Explain your price point decision After my research on pricing theories and comparing similar products for sell in the market I have concluded th

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