Discuss the type of price strategy

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To mitigate some of the challenges caused by increased bike demand and decreased supply, Joe's Bike Shop has partnered with a local environmental group. The group finds picks up scrap material that has been discarded in parks, natural habitat, and streets, and works with specialists at the shop to build these into bicycle frames which can then be decorated by a few people in the environmental group and then sold. Each bike is relatively unique looking because they are built with different materials, and Joe's Bike Shop has therefore branded them tongue-in-cheek "Bespoke Bikes." Using material from Lecture 6: Price Level, discuss the type of price strategy should Joe's Bike Shop should use when introducing their new "Bespoke Bikes" brand to the market.

How might they change their pricing strategy based on where the bike is at in the product life cycle?

Reference no: EM133259304

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