Price

“Competition-based pricing involves setting prices based on competitors’ strategies, costs, prices, and market offerings. Consumers will base their judgments of a product’s value on the prices that competitors charge for similar products. In assessing competitors’ pricing strategies, the company should ask several questions. First, how does the company’s market offering compare with competitors’ offerings in terms of customer value? If consumers perceive that the company’s product or service provides greater value, the company can charge a higher price. If consumers perceive less value relative to competing products, the company must either charge a lower price or change customer perceptions to justify a higher price.” (Kotler, 280)
We plan to price our product competitively with beer. We are looking to service the same market so we would like to undercut whenever possible. We have priced ourselves so it will not be an inconvenience for our Every Man to buy an Every Man’s Vodka instead of buying their typical light beer. If we can make it a product that will be priced at a point that everyone will not be choosing based on price but choosing based on want. We want our product to be something that Every Man will be proud to have in their hand and that they will order over the light beer.

Kotler, Gary Armstrong and Philip. Marketing: An Introduction for Education Management Corporation. 10. VitalSource Bookshelf. Pearson Learning Solutions, , Tuesday, December 13, 2011.