The objective of this assignment is to realize that a new product is not conceived and executed by one department in a company. Continuing with the same company, apply the concepts in this week’s reading to the conception and evolution of pricing and price elasticity. As you follow the different concepts and models through the chapters and hence the evolution of the new product, apply them to the product – ending with the “Stimulating Customer Action” in Chapter 10. Discussion on product positioning, branding and product line(s). How do companies decide where to position their product(s) in the market? Strategies for cost-based vs. market-based pricing will also be explored Topics for discussion will include (but are not limited to) the following concepts: • Brand strategies and product positioning •Brand name development: •Creating a new brand name • Protecting the brand name • Life-cycle pricing •Internet pricing/marketing • Breakeven analysis •Stimulating customer action •Promotional price elasticity • Customer response • Relevant articles posted by faculty.
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