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Please see the comparison chart below for the price of a Carmex product with three similar...

Please see the comparison chart below for the price of a Carmex product with three similar products from competitors. How do you think the competitors are setting prices (2point)?

Price Carmex Stick $1.99

Blistex Stick $1.99

Burt’s Bees Stick $3.29

ChapStick Stick $1.99

business   Operations-Management   
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Answer #1

Blistex and Chapstick are following the economy pricing which isn’t attached with any frills and is at par with the competition and in the segment in which the product is placed at.

However, Burts bees stick with its &3.99 price is following the premium and skimming pricing strategy where they are hoping to get premium price for their product from the top of the chain customer based on the superior quality product. They also trying to send across the message that they are providing greater value proposition to their premium customers.

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