Price elastic products are basically referring to basic commodities which are highly sensitive to price changes such that a small increase in the market price of these goods would result to a significant decline in the demand for the product (North Carolina State University,…
Assuming that I sell the portable feeding chair at the price of US$150 each, the company will have a demand of as much as 500 pieces of portable feeding chair per month. In case I decided to sell the portable feeding chair at the price of US$350 per chair, the company will be able to sell only 200 pieces of its portable feeding chair per month. (See Graph I – Investment on Price Elastic Product (Portable Feeding Chair) below)
A portable feeding chair made out of strong recyclable cardboard is considered as a homogenous product. It means that the product itself can be easily copied by other cardboard manufacturers. For this reason, it is not advisable on the part of Belkiz Feedaway to sell its product as inelastic product. By maintaining the price elasticity of demand, the company will be able to continuously sell the product all year round.
To determine the best pricing strategy for Belkiz Feedaway’s portable feeding chair, there is a strong need for the marketing manager to conduct a market analysis which includes market segmentation, targeting, and positioning of the product in the market. Since a portable feeding chair is designed for toddler’s use, the target markets for this product are couples or single parent with new born child. Based on statistics of newborn children each year, the company could estimate roughly how big its potential market is within the United States.
Since this product is relatively new in the market, the company can take advantage of pricing the product not too high and not too low. Since there are no other substitute for this product in the market as of the present time, the company has more bargaining power over its target consumers.
With regards to product pricing, it is important to consider the volume of portable feeding chair the company can produce. Even though demand for the product is high, the availability of supply could also affect the pricing of the product until such point that the ...
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