565 Words3 Pages
Although, if effective, this product will appeal to many different markets and types of people, the target population is athletes. Athletes are the most injury prone, and have the most invested interest in recovering as quickly as possible. Also, because athletics are so popular worldwide, and are responsible for enormous sums of money, targeting athletes, especially professional teams, would create a dependable customer base and also create advertising to appeal to other populations. Thus, with this initial target population in mind, and by considering current pricing of this product’s components, it becomes easier to consider pricing options. Because this product will be more effective than its closest competitors and will be fulfilling an unmet need, it will be able to command a fairly high price point. Finding its components’ competitors pricing will set a minimum for pricing, but covering for production costs and accounting for its benefits for customers will up the price even more. In order to find a baseline price, it is important to consider the smallest elements first. The...

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