Understanding the difference between value and cost of a good or service can impact profitability The cost of a service or product is the amount spent to produce it The price of the service or product is what is set to determine profitability The value is what the consumer believes the service or product is worth to them Price setting should include the value perceived by the customer in addition to costs Assignment Instructions Consider your purchasing habits related to denim blue jeans Describe the brand that you purchase and where purchased Discuss the price and value of the product What pricing strategy does the company use Is the companys price setting for the brand appropriate Why or why not Select two competitor brands of the same product sold in the same or a similar location How does your selection compare to two competitors Describe the price, perceived quality, and value for each competitor What pricing strategy does each company use Discuss why you select your product of choice compared to the competitors What type of company decisions could cause you to change your brand loyalty

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Question: Understanding the difference between value and cost of a good or service can impact profitability. The cost of a service or product is the amount

Understanding the difference between value and cost of a good or service can impact profitability. The cost of a service or product is the amount spent to produce it. The price of the service or product is what is set to determine profitability. The value is what the consumer believes the service or product is worth to them. Price setting should include the value perceived by the customer in addition to costs.

Assignment Instructions:

Consider your purchasing habits related to denim blue jeans.

Describe the brand that you purchase and where purchased.
- Discuss the price and value of the product.
- What pricing strategy does the company use?
- Is the companys price setting for the brand appropriate? Why or why not?
Select two competitor brands of the same product sold in the same or a similar location.
- How does your selection compare to two competitors?
- Describe the price, perceived quality, and value for each competitor.
- What pricing strategy does each company use?
- Discuss why you select your product of choice compared to the competitors.
What type of company decisions could cause you to change your brand loyalty?

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