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Factors to consider when making pricing decisions

Imagine you are the proprietor of Bubba's House of Pork Rinds. While sales of your pork rinds remain strong, you are considering changing your pricing. For one thing, you have heard rumors that Don's Doritos Drive-in may open a branch down the street, right next to your chief local competitor, Paul's Palace of Pringles. Relative to your own research, what factors should you consider in making this pricing decision?

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Imagine you are the proprietor of Bubba's House of Pork Rinds. While sales of your pork rinds remain strong, you are considering changing your pricing. For one thing, you have heard rumors that Don's Doritos Drive-in may open a branch down the street, right next to your chief local competitor, Paul's Palace of Pringles. Relative to your own research, what factors should you consider in making this pricing decision? (please if you can help, give atleast 500-600 words)

The first thing Bubba's House of Pork Rinds has to consider is the competition of its competitors within the market economy. It is important for them to do some research on competitor pricing, marketing strategies, and corporate objectives. Maybe, visiting each competitor and looking at how they price their products or services as oppose to their current price, researching how the competition market their services, and by understanding ...

Solution Summary

This solution is comprised of a detailed explanation regarding pricing decisions based on the impact of the economy and competition.

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