Discussion board questions. Each needs a short response, well thought out response with any sources included.
1. From your perspective, what does a PRICE represent to the consumer? What does a PRICE represent to the marketer?
2. Class, if you were introducing a new product to the market, how might YOU determine BEFORE you go to market what a good "asking" price should be for your product or service that you wish to offer so that you are not charging too much for it... and, at the same time, ensuring that you don't price it too low so that you are potentially "leaving good money on the table"?
How would you learn from the actual consumer that you are targeting what price you should charge them before you introduce the product to the market?
3. Explore Virgin Galactic's website Virgin Galactic. Because of the crash explosion of their SpaceShip Two vehicle in mid-December 2014, the company had suspended its "booking" tab. Suffice it to say, the price was not cheap (if I recall, it was $250,000, at least, to be shuttled into space). It now appears to be up and running again -- want to sign up??
What do you think about that price of $250K? Is this pricing strategy likely to be effective in building the Virgin Galactic brand and creating a clear positioning for the brand in the marketplace?
To learn more about what that price 'buys' you, go to What does a $250,000 ticket to space with Virgin Galactic actually buy you?