Price

When pricing a product its important that you pick a proper price. You don't want to throw people off by an intimidating high price nor do you want to come off too cheap with a low price, but "if the consumers perceive that the company's product or service provides greater value, the company can charge a higher price."(Marketing: An Introduction Armstrong & Kotler pg. 280) Either side of the range will cause people to ask questions. Is this good quality, will it last me? Along those lines. My product of Kitchen tools has to fit into a market that is plaque with cheap inferior products. My kitchen utensils are of higher quality so the price will reflect that. However, it won’t be a ridiculous amount more, just minor. The way I see it my Kitchen Tools should cost $55.95. It says I'm not cheap, but nor am I expensive. It's a good in between price. It will also be competitively priced which “involves setting prices based on competitors’ strategies, costs, prices, and market offerings” (Marketing An Introduction, Armstrong & Kotler, pg. 280). My price has just that in mind; the competition.