Question description
In preparation for a presentation to the CEO of the organization next week on a product development strategy, prepare the following paper:Choose a product (not a service) which means it must be tangible. Prepare a paper addressing the following tasks on your selected product.Checklist:Write a page paper – Describe your new product. You have many choices. It could be a classically innovative product, new-category entry, an addition to the product line or line extension. It could even include more minor product changes like product improvements, repositioning, or cost reductions.Discuss the new product development process.Discuss your new product launch strategy. Recall, launching requires that objectives be set, the strategy be developed, and that the implementation be planned and executed. Implementation is often a key factor in product failure.Discuss the pricing strategy for your new productYou will provide a 3–5 page (APA formatted) paper with at least three supporting references. You should include at least one illustration which can be included in the body of your paper or appendix.Review of Pricing StrategiesPenetration Pricing=Pricing below normal,…This Assumes adopting this long-term price in hopes of gaining market shareSkimming pricing=pricing an item high in the short term to capture the pricier market; it helps to recover start-up costs but may limit growth.variable/dynamic pricing strategy=lower pricing for certain customers based on their ability to pay Price lining=different quality level products of a certain type are priced by categorymarket pricing=pricing based on the market what people are willing to pay only works if there is very little or no competitior.
