Understanding and Capturing Customer Value

"The price the company charges will fall somewhere between one that is too high to produce any demand and one that is too low to produce a profit (Armstrong & Kotler, marketing, Pg. 259)."

Identifying how the average customer views value gives the advantage of delivering it in a greater organized matter. Looking beyond the price for a moment, I will first focus on the marketing strategies that I must apply considering each one carefully. Paying attention to the demand of the product and how it will fit into the market. I will then research and keep track of the strategies and pricing the competitors use to their advantage. Coming up with a steady and reasonable price includes the steps I've listed and making the price higher than the product cost and no lower than the floor. This is known as consideration in setting the price which is added into my cookbook marketing plan to accurately price my product. "Even in today's economic environment, it's not about price, it's about keeping customers loyal by providing service they can't find anywhere else (Armstrong & Kotler, marketing, Pg. 261)." Delivering unique one of a kind service attracts buyers to the product no matter what the price may be. Customers are willing to support higher prices as long as they capture the desire and loyalty they seek. The quality and creativity of "My Ghetto Cookbook" will deliver and capture customer value itself at both a personal and emotional level. In order to develop value pricing power complements my plan by helping to escape price competition. Pricing power justifies higher pricing and margins without losing market share. I want those interested in my cookbook to overlook the price and focus on the product and its originality, variety, and the fun that will create memories in the kitchen. The delight it will deliver as a gift no matter the occasion. Although price may fluctuate depending on the progress having Patience give my cookbook the opportunity to deliver customer value to many!