Though there are many pricing strategies, there are generally two approaches to pricing goods and services. Businesses can either 1) set their prices to reflect the production cost, or they can 2) align their price to the amounts consumers are willing to pay.
By Sunday of this week, take a position: Which approach do you think more appropriate for the selected product/service of your group project? Why?
Also, support your position with other example of a product or service that reflects your position and key implications from this week’s Learning Resources and your own external research articles.