Pricing Strategies
What is cost-based pricing?
Setting a price based on production cost + markup.
What pricing strategy fits Meticulous best?
Value-based pricing.
What are fixed costs?
Costs that don’t change, like rent or salaries.
What does “price” mean in marketing?
The amount of money paid for a product or service.
What is value-based pricing?
Setting a price based on what the customer thinks it's worth.
Name one thing that makes Meticulous Espresso special.
Precision, design, or auto-calibration.
What are variable costs?
Costs that change depending on how much you produce.
What are the two types of costs?
Fixed costs and variable costs.
What is market-based pricing?
Setting a price based on what competitors charge.
Who is the target customer for Meticulous?
Home baristas or coffee lovers who want quality.
Give one example of a fixed cost.
Office rent, insurance, or electricity bills.
Which "P" in the marketing mix is price?
The 4th P – Price.