Considerations in Setting Prices
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What considerations should be made in pricing a new product? What process would be followed to set a new price and can it be adjusted after launch?
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Solution Summary
This solution outlines the considerations that should be made in pricing a new product. It describes the process to be followed to set a new price and if prices can be adjusted after launch.
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In pricing a new product, it is important to consider costs, the current market, and the competitive action. If your product is first to the market, represents a significant advantage to the consumer, and there is not any competition (for instance the first iPhone), you can price the product at a higher retail. If you are introducing the same product, but a competitor is slated to bring out an even ...
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