| Category | Assignment | Subject | Business |
|---|---|---|---|
| University | Module Title | Topic 7 Activity: Understanding Pricing Decisions |
Guiding Questions:
1. What is the cost of your product or service?
2. What unique value does your product/service offer to consumers?
3. How does your product position itself in the market compared to competitors?
| Factor | Example | Explanation |
| Costs | It costs £10 to make each bottle. | The price must cover costs and generate profit. |
| Competitors | A competitor sells a similar bottle for £15. | Set a competitive price reflecting your product's value. |
| Customer Perceived Value | Eco-friendly products are worth more. | Highlight sustainability to justify a higher price. |
| Value Proposition | Durable and reusable bottles. | Customers see durability and eco-friendliness as premium. |
Guiding Questions:
• What are competitors charging for similar products?
• How does your pricing compare in terms of value and market positioning?
| Competitor Name | Product Description | Price |
| Competitor 1 | Plastic water bottle | £5 |
| Competitor 2 | Stylish eco-friendly bottle | £20 |
| Your Product | Stainless steel water bottle | Your price: £[Enter] |
Guiding Questions:
1. Which pricing strategy best suits your product and target consumers?
2. How does your strategy align with your value proposition?
| Pricing Strategy | Example (For Guidance) | |
| Cost-Plus Pricing | Add 50% to your cost (£10 + 50% = £15). | |
| Value-Based Pricing | Charge £20 based on customer willingness to pay for eco-friendliness. | |
| Bundle Pricing | Sell a set of bottles for a discounted total price (e.g., £50 for 3 bottles). | |
| Freemium Strategy | Offer free customization and charge for premium designs. | |
Note: Avoid relying solely on discount pricing. Highlight your product's unique value and justify your price accordingly.
Guiding Questions:
1. Who are your target consumers?
2. What price range fits their budget and expectations?
3. How does your pricing align with their values and purchasing behavior?
| Target Market | Price Range | Why It Fits |
| Eco-conscious adults | £15–£20 | Aligns with their willingness to pay for sustainability. |
| Young professionals | £10–£15 | Balances affordability and perceived product value. |
| Families | £25–£30 for bundles | Encourages bulk purchases for multi-use products. |
Guiding Questions:
1. How did you decide your price?
Example: "Based on costs, competitor analysis, and customer value perception."
2. Why will your price work for your customers?
Example: "Our price reflects eco-friendliness and fits our target market's expectations."
3. How does your price show value?
Example: "It highlights durability, sustainability, and affordability for the target audience."
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