You've selected the product strategies for the shake, you need to decide on a pricing strategy. The meal replacement market is very crowded with competitors. Therefore, In Fine Fettle must consider the competition's prices when setting the price for its new product. A market analysis reveals that most ready-made meal replacement shakes sell for between $2 and $4 per shake. Keep your target market and product decisions in mind as you consider your pricing options. a. Above-market: In Fine Fettle will offer its turmeric shake for $4.50 per shake, which is above the market average.
b. Below-market: In Fine Fettle will offer its turmeric shake for $1.50 per shake, which is below the market average.
c. At-market: In Fine Fettle will offer its turmeric shake for $3.00 per shake, which is at the market average.

Throughout the interpretation category following the table, the specification of the statement is characterized.

Explanation:

Pricing techniques usually have included the 5 strategies options that follow:

I advocate value-based pricing though it ensures a permanent competitive edge. The following approach was given by Eric Dolansky to conclude at a value-based amount.

Choose a commodity that is similar to yours and figure out what the consumer pays for it. Figure all the reasons your commodity is different from either the competing product. Put on all these discrepancies a relative benefit, apply something good about your brand as well as remove the disadvantages then reach up with a possible price. Make sure the profit is better than the expenses again for the consumer.

It's indeed important, furthermore, to present and inform clients about the nature of certain goods. You will then sell the item well above the average industry. It is important to maintain a marketing approach emphasizing the performance of the system on which consumers can pay discounts over the retail price. If the target consumer doesn't quite relate to this demand accordingly, then the commodity should be tailored to meet the consumer.

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