Various price setting strategies used by businesses

Various price setting strategies used by businesses

identified various price setting strategies used by businesses. Imagine a circumstance in which a business produces or sources a product for a target market, but demand is limited at its initial price point. The company could reduce the price, but doing so eats into its gross profit or even eliminates it. For this assignment, in 200+ words, analyze the company’s “marketing” (taking into account the entire marketing system discussed in this class – i.e. target market, product development, sourcing, distribution, promotion) options for increasing revenue on the product to optimize profits.