Question 21
(Image taken from https://wlabsinnovations.com/products/zera-food-recycler)
The Sahara Food Recycler by Green Labs is a solution to aid in reducing food waste in landfills. Built to alter household food waste into homemade fertilizer, it can handle a week’s worth of discarded food for an average family. The Sahara Food Recycler is a new leader in the recycling industry. Green Labs sells recycling bins but the market knows little of this new product. Green Labs wants to be more competitive and increase their market shares, however, they are struggling to determine the perfect price for the Sahara Food Recycler to cover all their expenses and still make a profit. Green Labs want to determine the perfect price and make a statement in the market.
Questions:
- What role will product price play in marketing the Sahara Food Recycler? (2 Marks)
- Discuss two internal and two external factors affecting pricing decisions that Green Labs should consider. (4 Marks)
- Recommend a pricing strategy for Green Labs and explain why you selected this pricing strategy. (4 Marks)
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