Evaluate Wendy Keating’s strategy planning so far. What should she do now? What price should she set for the shoe rack?

Wendy Keating, marketing manager of consumer products for Wire Solutions, is trying to set a price for her most promising new product: a space-saving shoe rack suitable for small homes or apartments.

Wire Solutions—located in Fort Worth, Texas—is a custom producer of industrial wire products. The company has a lot of experience bending wire into many shapes and also can chromeor gold-plate finished products. The company was started 16 years ago and has slowly built its sales volume to $3.6 million a year. Just one year ago, Keating was appointed marketing manager of the consumer products division. It is her responsibility to develop this division as a producer and marketer of the company’s own branded products—as distinguished from custom orders, which the industrial division produces for others.