Discussion response. It is true that many people will pay any amount to get the best products from the market

Discussion response

Name

Institution

Discussion response

Response one

It is true that many people will pay any amount to get the best products from the market. That is why a high price product ought to be of high quality according to the preferences of the targeted consumers. Acid+All knew this and that is why they had to market their product to their customers. Creating awareness of the product like tom Thomas did is important, as it is able to set the pace for the consumers. The feedback that the consumers give is crucial in ensuring that Acid+All improves on their product to attract more customers and maintain a competitive advantage. Though Tom Thomas determined the pricing strategy based on various factors including the competitors pricing and what they offer, at the end of the day the consumers of the product are the ones that count (Strategy, 2012). All he has to do is come up with the best marketing strategy to reach out to many customers possible and retain them.

Response two

It is important that before establishing a new product in the market, one conducts a study of the market saturation. The price of the new product in consideration with the ones already in the market is also important. Take Acid+ All, for instance, who brought an anti acid in the market at a high price compared to the existing anti acids in the market. Customers cannot purchase a new product at a higher price while the existing products produce the same results. Such product ends up having a short life cycle due to the high level of competition in the market. Had Acid+All recognized this from the start, they could have not have ventured into the market due to the competition or they could have started at an affordable price in relation to its competitors (Porter, 2008).

References

Porter, M. E. (2008). Competitive Advantage. Business and Economics, Vol 1, No 592.

Strategy, P. (2012). Tim J Smith. Mason-OH, United States of America: South Western Cengage

learning.