How do we determine the price of our product?" The first approach would be to use a cost-plus mark-up approach. Since you are unable to determine the production/manufacturing costs associated with your product your team will implement two other pricing theory tactics covered in the module.

The first theory you will be implementing will be competitive price comparison. In this scenario find other similar types of products. List 3 to 5 comparison products your team identified for pricing comparison. State why you picked these products and what the price is for each of the products. Then state what you believe would be a competitive price for your product.

Now, reflect back on the Product Description assignment and review the features and benefits descriptions. Using this information establish a possible price point for your product using a value based pricing strategy. Support/explain your price point decision.

Now, based on the above approaches, determine what your final price will be. State why you picked that specific price.