what are the pricing issues in the product category?

for the brand Nike's
1.Is the market for the brand Nike elastic or inelastic? are there acceptable substitutes?
2. Is the brand a premium product?
3. What is the reference price range for the brand?
4. How is the brand priced versus its major competitor?
5.What psychological pricing factors affect the brand
6.What promotional pricing has been used for the brand?

Are you supposed to answer each of these questions? If so, you will need to do some market research. You have already listed the main issues. Nike is a premium product, because of its expensive endorsement by prominent athletes and its "placement" in important sports events. It is considered stylish by many. My experience with their running shoes lately is that quality is now below average.

To answer the pricing issues in the product category for the brand Nike, here's how you can approach each question:

1. Is the market for the brand Nike elastic or inelastic? Are there acceptable substitutes?
To determine whether the market for Nike is elastic or inelastic, you need to consider factors such as the price sensitivity of consumers and the availability of acceptable substitutes. You can conduct market research or analyze sales data to understand how consumers respond to price changes and identify any substitutes that consumers might choose instead of Nike products.

2. Is the brand a premium product?
To determine whether Nike is a premium product, you can consider factors such as its positioning, brand perception, and pricing strategy. Analyze the perceived value of Nike products in comparison to similar products in the market, and examine whether Nike prices its products at a higher level compared to its competition.

3. What is the reference price range for the brand?
To find the reference price range for Nike products, you can research the pricing history and current pricing trends of Nike's products. Look for information on the average price range of Nike products across different categories and consider factors like product quality, features, and target market to understand the range of prices that consumers associate with the brand.

4. How is the brand priced versus its major competitor?
To compare Nike's pricing with its major competitor, you need to identify the primary competitor(s) and analyze their pricing strategies. Look at factors such as pricing levels, discounts, promotions, and any perceived differences in value. Conducting a competitive analysis will help you understand how Nike's pricing aligns with its competitors.

5. What psychological pricing factors affect the brand?
To identify psychological pricing factors that affect the Nike brand, analyze consumer behavior and pricing research. Look at factors like perceived value, price anchoring, pricing heuristics (e.g., odd-even pricing, prestige pricing), and the impact of discounts or sales on consumer perception. Researching consumer responses to Nike's pricing strategies will provide insights into the psychological factors at play.

6. What promotional pricing has been used for the brand?
To understand the promotional pricing strategies employed by Nike, you can study their historical promotional campaigns, advertisements, and pricing promotions. Look for information on limited-time discounts, bundle offers, seasonal sales, and any other promotional pricing strategies Nike has employed. Analyzing past marketing campaigns and research reports may provide data on the promotional pricing tactics utilized by the brand.

Remember, to get accurate and up-to-date information, it's best to conduct thorough research, analyze market data, and consult industry reports or experts specializing in pricing and brand analysis.