What impact does the competition have on pricing

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Reference no: EM132209499

Synthesis Technologies is a maker of hybrid stereo equipment. For the last few quarters, it has experienced a decline in profits and market share, but it is hoping to end that cycle with a new line of speakers. Within the next year, Synthesis hopes to increase its net profit by 10 percent, gain an additional 25 percent of the market share, and increase the number of repeat customers by encouraging current Synthesis speaker owners to invest in the company’s new offerings. After carefully developing the other elements of the marketing mix, Synthesis is faced with the decision of how to price these speakers—especially since its main rival, Bormuiser, is developing a comparable product slated for release three months later.

1) What pricing strategy would be the most logical for Synthesis to use?

2) In addition to answering the above question, answer one of the following:

a) What are the company’s objectives in terms of customers, competition, and profit?

b) What impact does the competition have on pricing?

c) Would pricing the product above the competition or below the competition be a better idea?

Reference no: EM132209499

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