Question: Develop a profitable pricing strategy for the following product and situation. Select a price point for your product and support/explain your strategy using marketing concepts.

Develop a profitable pricing strategy for the following product and situation. Select a price point for your product and support/explain your strategy using marketing concepts. Based on a quick PLC (product life cycle) and new product adoption, how do you ensure the optimal profit level is reached?

You are an existing tech company in healthy financial position

Releasing a radical new tech product, patent pending

Oligopolistic competition

Your cost: $187.39 per unit

Competitor's price for similar yet less innovative product: $249.99

Approximate factory capacity: 20,000 units/week

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