Develop specific pricing strategies based on each of the following situations:
1. A month after dropping prices by $5 per month, one of your competitors returns to your current pricing.
2. Two of your competitors drop their prices even further, reducing membership costs by $8 per month. As a result, your business falls off by 25 percent.
3. One of the competitors has announced that it will keep its prices low, but it will charge members $2 per session for high-demand classes such as Pilates.
4. Each of the competitors' that lowers the prices makes an adjustment, with reduced rates for families and couples, but they plan to return to $40 per month for single members.
5. All four providers (including you) have reduced their monthly fees. One goes out of business, and you know that another is in poor financial health?