Read Chapters 7 and 11 from the textbook on targeting and pricing

Review Module 3 overview

2. Read Chapters 7 and 11 from the textbook on targeting and pricing

3. Develop and submit your Milestone One Paper for the Final Project. Details on the submission can be found here. Please also make sure to review the rubric for this exercise before you start working on your paper. Please note that the difference between an exemplary and a proficient post often is the depth and quality of the research. So the more data and citations you invoke, the more you base your views on analysis versus opinion, the better you should expect to score.

– Brand and idea context : This section deals with the existing product/ brand of your chosen business. What is the brand mission? Who is the target consumer? How does it differentiate versus competition? What is the current pricing and how is that consistent with the brand image?

– Product/need : What unmet need will the new product/service/offering meet? You need to think of something new, but also something that can be researched and where you don’t have to be entirely guessing for future sections of this project. How will this new product/ offering be different? Who is the target for this product? How will consumers buy this product ?

– Pricing : You need to demonstrate an understanding of the cost to make your product/ offering, the competitive offerings and what they sell at, and what your target market is willing to pay for your offering based on their perception of value. You should also discuss / recommend a pricing strategy (skimming/penetration/economy or premium) that you will find described in the text (see Exhibit 11.2)