Price

  " It is hard to design a place strategy, decide on a promotion campaign, or set a price without knowing the product to be marketed". pg 27 When pricing a product we must understand the market and todays economy with any business venture.  "Price is the only element in the marketing mix that produces revenue". pg 275. I would like to package my product to be initially sold at 1.99 for a box of 8 morsels. I do understand that a majority of my customers will be adults and in todays market a standard candy bar is in the rang of $.99 to $1.59. With coffee drinkers getting younger and younger I know this is a great price for an a great product and most youth have $2.00 in their piggy banks , we want to capitalize on that. Always setting our prices at one rate on the packaging so the vendors can’t change our rates and the only increases will happen as each economical demographic changes. If the economy tanks we plan to stay within a price range that every consumer can afford. Should the economy sky rocket we want to maintain a fair price conducive to the market as well as understanding we are trying to continue to grow as a business. Because they say many companies do not handle pricing well I feel like I wouldn't have to do much price adjusting because the prices are reasonable. "Lower-income consumers are price sensitive, but they will pay for products if they deliver a benefit that is worth the money." pg 7