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Pricing Strategy Analysis Paper

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Introduction There are three areas would include pricing strategy, distribution plan, and promotion mix in relation to Memories Perfected. We be discussing in detail the pricing strategy that includes pricing objective, existing demands, and potential pricing issues. We will also discuss on distribution plan which involves distribution channels and needs to be met to properly distribute the product or services. Last, promotion mix that pertains to how we will promote the product, specific benefits of the product, and what type of message are we sending in relation to our promotions. Pricing Strategies Our objective for pricing strategies is to price our products at a premium. Premium pricing is effective for newer products and small businesses (Maguire, 2017). Physiology plays a big role for the consumer must feel that the product Memories Perfected is a much higher quality then our competitors in which justifies the higher price (Maguire, 2017). These efforts to …show more content…

Prints will be priced based on selected medium and other contributing factors. 50% of quote must be paid up front and the rest after project is complete. Changes or edits will be added in beforehand. If changes increase the original quote, then changes will be made to the original quote based off the hourly rate or product change. Potential size of the markets is $72 billion-dollar market with potential growth of 3.6% (IBISWorld, 2017). Based on the growth of the wedding service market, our services would be more in demand on multiple levels. The figure is based on the wedding service market. Memories Perfected mainly specialize in weddings. Memories Perfected consist of multiple specialties that include wedding photographer, videographer, graphic designer, and print specialist. With multiple services offered under one umbrella organization, our products will meet the needs of our consumers on every

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