1. Explain how pricing can be optimized through effective target market segmentation (2 points)

Give three examples that support your explanation (3 points)

2. Instructors can argue why new entrepreneurs shouldn't offer the lowest price while providing the highest quality product until their faces turns blue.

Many may argue prices should be based on the value that businesses provide to their customers.

Help new entrepreneurs learn the foregoing two arguments by completing the following:

List five disadvantages of using a low-pricing strategy and five advantages of using a value pricing strategy.

3. From a marketing mix and financial perspective, explain why it's important for entrepreneurs to understand at which stage of the product life cycle their product is at.