Problem
1. For this product, would you recommend profit-oriented pricing or sales-oriented pricing or status-quo pricing? Justify your answer.
2. Your CEO has told you to pursue a sales-oriented pricing objective. Which one would you recommend: market share or sales maximization. Justify your answer.
3. Is the demand for your new product elastic or inelastic? Justify your answer.
4. Recommend a method of research to find a market-oriented price for your pricing your product (don't consider the cost aspect of production): qualitative vs quantitative? If qualitative: online focus group, face to face focus group or individual interview? If quantitative: online survey, telephone survey or face to face survey? No further research design is necessary but explain your recommendation.