Cloud-based photo storage service

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Question

GPS Marketers was asked to conduct market research for a company that was releasing a new cloud-based photo storage service. The penetration price they planned to charge for the first three months of service was significantly lower than what competitors were charging, but the company planned to increase the cost after the initial trial period was over. GPS warned the company not to raise the price too much. How can the company determine how to price its service appropriately? Because you never know when your business might fail, it's important to price services as high as possible. The price should maximize profitability while addressing the customers' need to feel that they have paid fair market value for the service. Pricing services at a lower rate lets customers know that they should expect greater value. Pricing services higher after the product introduction allows a company to plan for future expenditures.

Reference no: EM133588983

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