Pricing strategy

The marketing plan will be attached. All questions are based on marketing plan, Just 2-3 sentences for each questions. Thank you.

Plz do not cite anything.

1. How do members of your target market perceive pricing for your type of product? If you don’t have enough information, how can you research this question? For example, can you read some online product or store reviews in search of comments about pricing, price changes, and price promotions? Write 2-3 sentences about the target market’s evaluation of price, paying close attention to value as perceived by customers.

2. Before you can settle on a pricing strategy, you’ll need to select a basis for your pricing. Will you use cost-based pricing (pricing by adding to the cost of the product), demand-based pricing (pricing according to product demand), or competition-based pricing (pricing influenced primarily by competing prices)? Or is a combination of these appropriate for your product and market? Write 2-3 sentences about the basis or bases you will select, and why.

3. If you’re marketing a new product, will you choose price skimming to get the highest possible price or penetration pricing to achieve market share quickly? The answer depends, in large part, on your marketing objectives as well as your knowledge of the target market and the competition. If your product is going to be new, write 2-3 sentences about which pricing strategy you expect to use and why.