Price

“Price is the sum of all the values that customers give up in order to gain the benefits of having or using a product or service.” – Marketing: An Introduction, 274

For my product I would most likely price it at $1.00. I feel that because of the effort in packaging and also the customer experience that comes with the packaging and unique flavor makes it worth $1.00 per bag. The product line itself is pretty amazing because all flavors are inspired by different countries. I feel that pricing it below a dollar is doing the actual product a disservice. Plus a dollar is easy to give. Rather than looking for change if I were to price it lower than a dollar, someone can just easily hand someone a dollar and buy that bag of delicious chile and lime puffs inspired by the tequila in Tijuana. I would also like to try some testing. I would like to ask random people to try my snack and ask how much they would price it for. Based on their reaction or how much they desire more after that, than I could price my snack accordingly.

“Pricing begins with analyzing consumer needs and value perceptions, and price is set to match consumers’ perceived value.” – Marketing: An Introduction, 276