Price is what the buyer must give up in order to obtain a product . It is often thought to be the most flexible of the four marketing mix elements; in addition to being the quickest element to change.

Is our product affordable to your target market? If we are targeting teenagers, is the price reasonable enough for the majority but high enough for the prestige factor necessary to satisfy that particular target group.

Where does our price stand in relation to your competitors?

Think about the discounts we offer and our credit policies

What is your pricing strategy? ARE we going to undercut competition prices? Or are we to sell  products as “gourmet” and charge more?

The Consumer Expenditure Survey (CE) program consists of two surveys collected for the Bureau of Labor Statistics by the Census Bureau — the quarterly Interview survey and the Diary survey — that provide information on the buying habits of American consumers, including data on their expenditures, income, and consumer unit (families and single consumers) characteristics.

There is also a reference book called Household Spending by New Strategist that gives more detailed data using unpublished data from the CES covering topics such as snacks and non alcoholic beverages away from home.
http://www.amazon.com/Household-Spending-Spends-Much-What/dp/1 933588055/ref=pd_bbs_sr_1/002-3883289-0599237?ie=UTF8&s=books& qid=1175988096&sr=1-1

The Conference Board is the world's preeminent business membership and research organization. Best known for the Consumer Confidence Index and the Leading Economic Indicators, The Conference Board has, for over 90 years, equipped the world's leading corporations with practical knowledge through issues-oriented research and senior executive peer-to-peer meetings.

The International Coffee Organization (ICO) is the main intergovernmental organization for coffee, bringing together producing and consuming countries to tackle the challenges facing the world coffee sector through international cooperation. It makes a practical contribution to the world coffee economy and to improving standards of living in developing countries by:

 * enabling government representatives to exchange views and coordinate coffee policies and priorities at regular high-level meetings

 * improving coffee quality through the Coffee Quality-Improvement Programme

 * increasing world coffee consumption through innovative market development activities

 * initiating coffee development projects to improve quality and marketing

 * encouraging a sustainable coffee economy

 * working closely with the private sector through a 16 strong Private Sector Consultative Board which tackles issues such as food safety

 * providing objective and comprehensive information on the world coffee market; and

 * ensuring transparency in the coffee market through statistics.

[Home] [Syllabus] [Outline] [Instructor Bio] [Four P's] [Product] [Place] [Promote] [Price]