Summary: Developing and Pricing Products 12-11. Consider the customers in your target market or markets. Are they individual consumers, organizations, or a combination of both? For each of your target markets, identify what customers will expect in the product features and in the value-package features. 12-12. Identify your business's product mix, including its product line or lines, if any. How do you justify this product mix rather than others you might have chosen? 12-13. Will your product or products require new product development or modifications of existing products, or are they fully developed and ready to go? How quickly do you anticipate your products will be developed and ready for market? How long a life span do you expect for your products? 12-14. Consider various pricing objectives and strategies to use when your products first go to market. Which pricing objective or objectives seem most appropriate for your entry into the markets? Identify the pricing strategy or strategies that seem best suited for your business. Explain. 12-15. Various pricing tactics, too, are available for planning your business. Describe the pricing tactics you expect to use on opening the business. Explain your choice or choices. Might you resort to different pricing tactics as your products move through various stages in the life cycles? Explain your reasoning. Summary: Developing and Pricing Products 12-11. Consider the customers in your target market or markets. Are they individual consumers, organizations, or a combination of both? For each of your target markets, identify what customers will expect in the product features and in the value-package features. 12-12. Identify your business's product mix, including its product line or lines, if any. How do you justify this product mix rather than others you might have chosen? 12-13. Will your product or products require new product development or modifications of existing products, or are they fully developed and ready to go? How quickly do you anticipate your products will be developed and ready for market? How long a life span do you expect for your products? 12-14. Consider various pricing objectives and strategies to use when your products first go to market. Which pricing objective or objectives seem most appropriate for your entry into the markets? Identify the pricing strategy or strategies that seem best suited for your business. Explain. 12-15. Various pricing tactics, too, are available for planning your business. Describe the pricing tactics you expect to use on opening the business. Explain your choice or choices. Might you resort to different pricing tactics as your products move through various stages in the life cycles? Explain your reasoning