Expository Essay: Describe what your products and/or services will be and the pricing strategy involved for your chosen business. Please respond to the following Checklist items: Provide an introductory paragraph to explain your business briefly and the intention in writing this paper. Describe what your business will be selling; Describe the products and/or services (name 34 main ones) and the value proposition. Based on your research of the competition, describe the competitions product/service and provide the price. Then describe the pricing strategy you will use and how the competitions prices have affected your competitiveness in the marketplace. Pricing Strategies Penetration Pricing = Pricing below normal, long-term price to gain market share. Skimming Pricing = Pricing an item high in the short term to capture the prestige markethelps to recover start-up costs. Variable Pricing/Dynamic Pricing Strategy = Lower pricing for certain customers based on their ability to pay. (Amazon uses this type) Price Lining = Different quality level product of a certain type are priced by category. Ex: Womens handbagsDesigner bags $300, name brand $200 and all other $100. Market Pricing = pricing based on the market- what people are willing to pay only works if there is very little or no competitors. Explain whether you will buy on credit and the kind of credit terms you expect from your suppliers and why. Then explain your customer credit policy; explain whether you will extend credit to your customers and why or why not. If you will extend credit, please describe the terms you expect to receive and/or extend and why. Support your responses with your research in your essay using two APA citations in support of your descriptions and responses. Remember to include an APA formatted and citation styled references page at the end of your Assignment. APA requirements 1. Title page 2. 12 pt. font - Times New Roman (KU required) 3. Reference page 4. Double-spaced Make sure to check your grammar and spelling and ensure that your essay is well ordered and logical in addressing the various checklist items. If you need further help with your writing, go the Writing Center for additional resources and assistance. Your expository essay should be a minimum of 4 pages in length, in APA format and citation style, including the title and references page. In the Target Market section: Describe your target market. For example if you are going to have a restaurant, are your customers local? Is there a certain income bracket of customer in your target market? Is it mainly a business crowd for lunch or a college crowd for evening pub-type offerings? Is your market mainly males or females? Is there a certain age