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Week 4 team paper

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Week 4 team paper
The Appropriate pricing strategy for your product or service and the price you will set at launch- Brenda Setting the Right Price Pricing is a key component of your corporate brand - and is the only tool in your arsenal that directly impacts your bottom line Your retail pricing strategy can make or break you with the high level of price sensitivity, competition and price transparency in todays market place. Setting the right price not only drives store traffic, sales and volume while improving margins, it reinforces your brand. Setting the wrong price puts your brand at risk (REVIONICS, 2014). There are many strategies that can be used when trying to decide what will be the correct price to set for your new product or service, and while trying to decide this you must keep in mind your target audience. Pricing can be tricky as well as difficult because you do not want to set your price to high where you will not gain a profit but then you do not want to set it to low because consumers at times judge a product or service based on its pricing. We are launching the new iPhone 6 which could be one of the most pivotal devices in the Cupertino brands history. It is a revision of the iPhone, is expected to be launched Fall of 2014, and may be priced at approximately 800-900. According to a survey of 4109 US consumers the iPhone 6 is the HYPERLINK http//changewaveresearch.com/reports/2014/smart-phone-20140403 most anticipated Apple smartphone ever, with interest HYPERLINK http//gadgets.ndtv.com/mobiles/news/iphone-6-interest-at-record-levels-thanks-to-large-screen-rumours-survey-507130 easily outstripping that of the HYPERLINK http//www.techradar.com/us/news/phone-and-communications/mobile-phones/iphone-6-release-date-news-and-rumours-1099865 iPhone 5S and iPhone 5 (Beavis McCann, 2014). The pricing strategy we will use is Prestige Pricing which is setting a rather high price to suggest high quality or high status. Some customers want the best, so they will buy at a
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