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Price Proyect - Coggle Diagram

- - - - The introduction stage if when a new product is launched into the market. Sales usually are expected to be low as consumers and buyers aware of the product and its features.
      - The growth stage sales are expected to increase as more customers and buyers adopt the product and marketing efforts are focused on bulding brand loyalty and expanding the market
      - In the maturity stage sales peak and the product reaches widespread acceptance. The competition is expected to increase leading to price stabilization.
      - The decline stage sales begin to decline and consumer tastes changes or adapts to new innovation and technologies arrives as well as new products in the market. Brands chose to descontinue or adapt and renovate the branding or product.
- - - - The term value means offering just the right combination of quality in good service at a fair price. Meanwhile value pricing involves more than just cutting prices. It means finding the delicate balance between quality and prices that gives target consumers the value seek.
      - Price is the amount of money charged for a product or service, or assume of the values that consumers exchange for the benefits of having or using the product or service. Price is one of the most significant factors affecting buyers choice.
      - The difference between function demanded and quantity demanded is that the demanded function relates the quantity demanded and the variables that affect it on the other hand the quantity demanded is the amount of product that the consumer will acquire in each time
- - - - COMPETITION AND OTHER EXTERNAL FACTORS
        
        Once you know your competition and their prices, you will have three options for setting your price: above, below or at par.
        
        1-Pricing above the competition consists of offering products or services at a higher price than competitors in the market.
        
        2-Setting prices at the same level as the competition occurs when the difference between your product and that of the competition is zero or almost indistinguishable.
        
        3-Below-competitive pricing is offer products at a lower price than those existing in the market.
      - VALUE PERCEIVED BY CUSTOMERS
        The consumer is the one who decides if the price of a product is correct. When purchasing a product, they exchange the price for something of value (the benefits of owning and using the product) and therefore effective buyer-oriented pricing involves understanding what value consumers place on the benefits they receive from the product.