Assignment task: Product and Pricing Recommendations
In this week's discussion forum, you proposed a new product idea for Ford. Now, you will develop product and pricing strategies for the new product idea you generated. For this week's course project submission, complete the following:
Part 1 - Product Strategies
For this part of the project, you will develop product strategies for your new product.
Describe your new product idea in detail, including at least three key features.
Explain how each feature will benefit consumers in the target market.
Compare your product to the nearest competitor's product. What value does your product deliver that the competitor's does not?
Explain the role branding and packaging will play in differentiating your new product from the competition.
Part 2 - Pricing Strategies
For this part of the project, you will develop pricing strategies for your new product.
Explain at least three key factors that should be considered when setting the price of your product.
Choose a pricing strategy and explain your choice.
Compare your pricing strategy to that of the nearest competitive product. Which product would have the greatest perceived valued for the target market?
Recommend the suggested retail price for your product and explain your decision.
Include in-text citations, a title page and a reference page formatted according to APA standards. Your paper should be a minimum of two pages in length and use a minimum of three credible sources.