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Assignment Objectives

Explain how to manage pricing programs

Assignment Details:

Pricing is a complex and often intimidating aspect of the marketing strategy. It is extremely important to price your product to sell and to make a profit. This blog details a pricing process designed to help any company create the best pricing strategy.

Marketers use a pricing analysis to help them price their product correctly in the marketplace for profit and revenue.

Choose 1 brand of shampoo. Pretend you are the marketing manager for this brand. You have been asked to establish a new pricing strategy in the marketplace. Conduct a pricing analysis for your shampoo. Use the following format to complete this assignment:

• How would you describe the product’s current pricing structure, and who is the target market?
• Do you need to consider any legal or ethical constraints related to pricing?
• What new pricing strategy would you use for your shampoo? Select the strategy from the following:
  • Value-based
  • Cost-based
  • Penetration pricing
  • Skimming pricing
  • Premium pricing
• Why do you think this new pricing structure is the correct strategy for your shampoo?

Reference

Decker, A. (2021, February 1). The ultimate guide to pricing strategies. HubSpot. https://blog.hubspot.com/sales/pricing-strategy