Pricing Strategy
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Please write a Pricing Strategy for the following product:
Our product is a waterproof watch that acts as a heart rate monitor. There are several of these on the market, but none that sync with the iPod. This product would also have several features for the outdoor athlete, including a UV monitor and the ability to track calories burned. The ability to sync with the iPod would allow the person to track their workout history and provide spoken feedback during the workout. With the prevalence of iPods and their use during workouts, this product would be desirable to the everyday athlete as well as the serious triathlete. A possible marketing tool would be to make it the official watch the IronMan Triathlon.
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Solution Summary
Our product is a waterproof watch that acts as a heart rate monitor. There are several of these on the market, but none that sync with the iPod. This product would also have several features for the outdoor athlete, including a UV monitor and the ability to track calories burned. The ability to sync with the iPod would allow the person to track their workout history and provide spoken feedback during the workout. With the prevalence of iPods and their use during workouts, this product would be desirable to the everyday athlete as well as the serious triathlete. A possible marketing tool would be to make it the official watch the IronMan Triathlon.
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My suggested pricing strategy for this product will be a skimming pricing strategy by selling this unique product at a premium to maximize profit. In other words, profit maximization should be the objective for the pricing strategy of this unique, one of its kind product and the company should target Ipod users that are not price sensitive and are willing to spend a higher price for this product.
The primary ...
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- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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