PromotionThe Marketing in 5 Part Harmony team has traditionally emphasized more in the direct contact with the target segment, from the thought that to “get what we do, you need to experience our product.” The current social change business owner/entrepreneur is more involved in the digital marketing arena so the team found a need to feature the lifestyle and healthy behavior change aspects and direction of its target market. To increase brand awareness and visibility in the digital marketing realm, the team developed an “edutainment” style campaign to highlight the unique nature of impacting healthy behavior change. The edutainment campaign would be geared toward emphasizing the social and healthy change aspect in the promotions to connect with the specific needs of the segment. PriceTo ensure effective strategies for value pricing that factor in the product’s actual cost in relation to the perceived value of the product, the team would need to find a price point that makes the product appealing to the segment, as well as profitable for the Harmony team. The price would need to reflect similar costs already being incurred by this segment for similar products and how it will meet their needs. Since the product will address the segment’s lack of marketing expertise and personnel, as well as their potential misconception of marketing as an effective activity for them the price needs to reflect a stronger value for the money. 3. Activity Please answer the following questions related to the above scenario.When considering value pricing for a product, you shouldMultiple Choicecalculate the actual costs of the production of the product and add the standard industry markup.price it at the low end to maximize sales since it is a product that can be generated online.price it just above your competitors’ prices to create higher value.consider production costs, industry pricing standards, and how the customer will perceive the benefits of the product in meeting their needs.None of these answers are correct.
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