The Marketing Mix: Price - Banana Cue Update - Business Studies

 Price for the Banana Cues 

How did you work out what price you were going to sell your product at?  My group and I worked out the price in of the result of the item descriptions’ price and the quantity of it; how much a certain material we are going to need in order to make our product just the way we imagined it to be. We are sure that there are going to be competitions through the kahui, not because we have the same product because we know that no one would’ve come up the same product as ours since ours is from our country, which people are not familiar with the food. But we do have competition when it comes to the food section because most of the groups will be making food that is familiar to the customers’ eyes. Not just the food section, but we also have competition when it comes to people having a connection with customers, there are a lot of individuals who knows a lot of people and is popular, in result of this, they’re going to more likely have more customers because of their connections and how they will advertise their product and how they are going to engage and encourage them to buy their product. 

How will you ensure that your product is worth the price you are asking people to pay (quality control)? Our product is affordable not only that, our customers will be pleased with our product. The customers’ satisfaction sure will increase, the product will be worth the price we are asking them to give, we can ensure this by making our product pleasing to their eyes, yes, it may be unfamiliar to the majority of them but using our knowledge with innovation and elevation and entrepreneur skills, we can make our product something that people would want to buy and eat, that they will enjoy, this I think will earn our customers loyalty. Banana cue’s are rich in Vitamin B6, Manganese, Vitamin C , Potassium, Dietary Fiber, Protein, Magnesium, Folate, Riboflavin, Niacin, Vitamin A , Iron, that’s why Filipinos love it, there are a lot of benefits you can get from eating this dessert and in an affordable price, each gets an equal amount of benefits from this exchange. 

What price are others (B&E group/real-world business) charging for the same good (use a table to show this)? In the Philippines, it’s very cheap. The prices are between 10 to 20 pesos depending on the size and amount you are going to purchase. In calculation, 10 pesos in New Zealand Dollars are 31 cents and 20 pesos is 62 cents. We are going to sell banana cues on market day for $2.00, first of all, it’s not that easy to afford and find “saging na saba” because it can only be grown properly in tropical countries (frozen-free). The currency of the Philippines and New Zealand are different, you can purchase a lot in the Philippines for a cheap price, it’s more expensive in New Zealand to buy products and services compare to the Philippines. We’d have to divide the bananas by cutting it in fifths or sixths so that we are able to figure out how much we are going to serve to our customers and figure out the price we are going to be asking them. 

What else will you consider when it comes to the price of your product? We will consider the quality and quantity of our product, our group and I think that the product itself is good, but not everyone thinks the same, everyone has different opinions when it comes to product. We also need to consider and find out what people in our community think of our product. Asking for advice and feedback on what else we can improve on if we need to decrease or increase the price. What we can do to make our product stand out from the rest, how it will please people, ask people if they like the idea if they agree or disagree. What we can do to make our product look appetising, if our product looks appetising then the customer will surely buy it.