Determine the price you will charge for your product, or if you have chosen a service, determine its pricing (this may be based on an “average” price per service rendered).
To complete this assignment, you must:
- Calculate the price of your new product or service.
- Describe how your price allows reasonable profit in accordance with your profitability strategy.
- Share the pricing strategy that you have selected, in accordance with those provided by the author of the text and additional resources. What is your rationale for the pricing strategy selected?
- If you are using a channel of distribution, describe the profitability approach you are taking with your channel members to ensure appropriate profit at their end so that they will want to promote your product.
- Weigh your pricing strategy with pricing currently offered by your competition. Consider how your proposed price fits into the target market and compares to the competition. Your pricing should allow for sufficient profitability to allow you to cover your essential fixed costs (FC) and variable costs (VC) on which you will want to reflect (but do not have to be listed).
Submission- APA, 3 pages