MKT 500 Week 7 Discussion Pricing Products

After viewing the video, B2B Marketing Foundations: Pricing Strategies: Linking Marketing and Pricing StrategyLinks to an external site., respond to the following:

·        Discuss two areas of price sensitivity for your hypothetical business and how each of these could potentially affect consumer adoption of this product or service. Areas of price sensitivity include: customer purchasing preferences, brand loyalty, price of purchase compared to income, the item is a luxury versus a necessity, there are many viable substitutes and it is easy to compare prices.

·        This should be a 300–500 word discussion.

Before you join this discussion, please read these articles for a very different perspective:

·        Consumers snap up premium products despite cost-of-living crisis at CNBCLinks to an external site.

·        This Vodka Costs Nearly $4 MillionLinks to an external site.

Read and respond to at least one of your classmates' posts.