View attached explanation and answer. Let me know if you have any questions.1Marketing Questions and ResponseNameInstitution of affiliationCourseInstructorDate2Marketing Questions and ResponseQuestion: Choose and Analyze your Pricing FactorThe pricing factor that I find suitable for my products is the competitor pricingbecause it matches the oscillating market price for the product. Notably, this factor is basedon relative market price, which enables businesses to select a strategic competitive price at apoint that benefits both business and customers (Johansson et al., 2012). For instance,Chocolate Bliss can identify a price point relatively below the market price and attract morecustomers for similar products. This case will have ignored business focus on productperceived value or production cost strategies, concentrating on market information. This isbecause the strategy assumes consumers are always aware of the prevailing market price forthe products from the competitors.Question: Choose and Analyze your Pricing StrategyI want to use a penetration pricing strategy because it facilitates high diffusion andadoption of the product in the market. It is a strategy that inspires market growth by capturingdiverse market share through low product prices. Generally, this strategy helps creategoodwill in the market while maximizing profits through the maximum sales made at a lowprofit margin. However, having a low price point can create risks of pricing war, henceharming the business image. The strategy is also drawn back by pricing expectations becauseif a firms use a low price penetration strategy for a particular product, the customers expectthe low prices permanently.Question: Pricing Factor of Target-Market Price SensitivityPrice sensitivity is a strategy that indicates how the purchasing behavior of acustomer’s willingness to buy is influenced by product price in the market. Therefore,competitor pricing is the factor for target-market price sensitivity because it allows easy3comparison of the prevailing market prices. Notably, consumer’s demand for goodsdetermines the market price in an open economy. Hence, setting product prices usingcompetitor pricing will provide for the law of demand for the customers because it is setbasing relative market price. Furthermore, it applies in businesses with close and perceivedsubstitutes since a consumer is highly price-sensitive on substitute products with relativelylower prices in the market.Question: How Pricing Factor Influence Pricing ApproachPricing is a critical aspect of business, especially when introducing new products inthe market. The selected pricing approach can influence the product’s rate of diffusion andabsorption in the market (Prachi, 2019). Therefore, the business should consider relevantpricing factors to ensure the product succeeds in the market as anticipated. For instance,competitor pricing is based on establishing prices concerning the price of other marketplayers. Therefore, competitors make it hard for new products to get into the market’sfoothold, making businesses determine their prices based on the competitors to penetrate themarket. Thus, Chocolate Bliss can set lower pric…
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