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Setting a Price for a Product or Service

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The AI Brainstorming Conference topic for this week is pricing strategy. How do you set a price for your product or service?

1. Provide a quick overview of the product or service you created on the Unit 1 DB (2-3 sentences only).
2. Based on the strategies of the other three marketing mix elements, discuss what pricing objectives you would consider.
3. Identify the pricing objective and strategy you will ultimately choose and explain why.
4. Critique the pricing decisions of at least two other participants. Do they make sense? Would you make a different decision? Why or why not?

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This solution provides explanations for questions regarding setting the price for a product or service.

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1. Provide a quick overview of the product or service you created on the Unit 1 DB (2-3 , sentences only).
Our product is a bleaching cream which is safe, effective, affordable and of high quality. Its name is skin wellness center bleaching cream and serves dual purpose, the first is getting rid of unwanted pigmentation and helping with fine lines and wrinkles.

We will offer the product by meeting the objectives all the stakeholders of the organization. The vision is to become a market leader in the dermatology medical field by developing a long list of satisfied customers who will refer the company's products to the next generation of patients.

2. Based on the strategies of the other three marketing mix elements, discuss what pricing objectives you would consider.
The marketing mix approach to marketing is one model of crafting and implementing marketing strategies. It stresses the "mixing" of various decision factors in such a way that both organizational and consumer objectives are attained. The most common variables used in constructing a marketing mix are price, promotion, product and ...

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