Keeping a price in mind that customers will not only see
value but also quality in and since I am not a person that typically buys this
type of item I am outside of my comfort zone. One thing I do understand though,
as a guy, is quality over quantity. As the book states "Price is a
component of value (a $4,000 handbag is perceived as being more luxurious and
of higher quality than one selling for $100), but low price is not the same as
good value. Instead, customers value goods and services that are of the quality
they expect and that are sold at prices they are willing to pay." (Lamb 7)
Because "Lower-income consumers are price
sensitive, but they will pay for products if they deliver a benefit that is
worth the money"(Lamb 7) I plan on keeping the cost fairly low. The
cost of face cream ranges from $30.00 up to $300.00, so I was planning on
keeping the cost to around $40.00
I am hoping that at this price it will develop a loyal base
and after selling 100, 000 units we can re-evaluate how quickly the product
sold and get customer feedback on the effectiveness of the face cream.
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