Monday, November 23, 2015

Price


The price that we selected for this product was $5 only. This is the average amount that someone would pay for a snack at a bar. The merchandising would vary, but typically between $20 to $50. The shirt would have a unique expense to it as it relates to money ideas and is a separate brand than just a simple t-shirt that you can buy at a bar. It actually would be making a statement.  
As explained in Ch. 9 Pricing is "The amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service."
Ch. 9 , Page 272. The price for the merchandising and the snacks would vary due to the name and what it ultimately implies.  "Price is considered along with the other marketing mix variables before the marketing program is set." page 172 , Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing . The other marketing ideas would compliment the price as well. The overall goal would be to let the brand establish the price and how people would react to it. Of course this would require research but this is part of the marketing process as well.

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