Price

It is very important to find a good price for your product; one that will be able to be convenient for your consumers, but one that will still benefit you.


"Setting the right price is one of the marketer’s most difficult tasks. A host of factors come into play. But finding and implementing the right price strategy is critical to success."


( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 275).


You must look at all angles of the market. You need to look at your competitors and see what their prices are and figure out any type of strategies they may use. Taking a look at your consumer value is also a good idea when considering prices. What price would your consumers most likely pay? What demographic are you trying to reach and what are they willing to pay for this product?

Price of Blüme: $30.00


I decided on this price because I looked at my demographics and who I'm trying to reach. I'm trying to sell this product to women, and I feel like they're only willing to spend so much on a bottle of vodka. I looked at other vodka's and pricing usually ranges from $10 for the really cheap vodka's, and the one's priced over $40 are usually vodka's like Belvedere. I don't want to overprice my product, because it's new. If someone walks into the liquor store, and my product is overpriced and they've never seen it; they may just want to stick to what they usually get for cheaper. So I decided to price it at a reasonable, medium price. I feel like women would be willing to pay $30.00 for Blüme if it peaked their attention.


"In setting its price between these two extremes, the company must consider a number of other internal and external factors, including competitors’ strategies and prices, the company’s overall marketing strategy and mix, and the nature of the market and demand."


( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 275).