Candice is working on a pricing strategy for her new line of workout clothes. In addition to setting the standard for her products and determining her profit levels, which is another outcome of setting the price for her products?
Another outcome of setting the price for her products is influencing the perceived value and positioning of her brand in the market. The price of a product can affect how customers perceive its quality, exclusivity, and overall value. For example, setting a higher price may create the perception that the workout clothes are of higher quality and appeal to a premium market segment. On the other hand, setting a lower price may position the products as affordable and accessible, targeting a wider customer base. The price can also communicate the brand's positioning in comparison to its competitors - whether Candice's brand is positioned as a luxury, mid-range, or budget option in the market.
