“Good pricing begins with a complete understanding of the value that a product or service creates for customers.” After segmenting the marketing and choosing my target market, I’ve realized that my consumers will not mind paying more for a quality product. The problem I do face is whether they will understand that because they will be getting most of their information online, or through email or text, they will not understand the value of it. The biggest value does not come the many recipes we offer but in the service behind it. What my customers will be buying is not just a cookbook, but their own personal nutritionist.
Quote 17/ Chapter 9
Pg 259: Factors to Consider When Setting Prices
(Philip Kotler, Marketing, An Introduction)
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My Comment:
Deciding on what to price your item at may be a challenge as the value of it may not be as high towards differnt people. The creator must be the one to judge what they should price their item at as they know the real value to it. As for a cookbook, I thought about how much my book to offer, then decided on a price after that. Paying $19.99 for a book that offers both recpies and pointers in how to be romantic seems like a good deal to me!
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