Question: Q3. Create a profitable pricing strategy for the following product and situation. Select a price point for your product and support/explain your strategy using marketing

Q3. Create 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? (25 marks)

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

Competitors price for similar yet less innovative product: $249.99

Approximate factory capacity: 20,000 units/week

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