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Critical Thinking Case Study

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Appropriate Pricing Strategy
One of the most important decisions an organization will make is pricing. Pricing strategies include researching the competition, comparing cost and profit potential, appealing to target market, and understanding customers. There are several pricing strategies for an organization to choose from which include: optional, penetration, premium, competition, value, bundle, and skimming pricing. Organizations need to select a pricing strategy that is going to suit their product type, industry, target market, and product life cycle stage for pricing.
The appropriate pricing strategy that Nike is going to use for their newest product, the Nike Tech Force, is going to be competition pricing. According to Investopedia (n.d.), “Competition pricing is setting the price of a product or service based on what competition is charging.” An organization has three options when it comes to setting the price. They can set the price above competition, below competition, or the exact same as competition.
The price that Nike will set at the launch of the Nike Tech Force running shoes will be $170.00. Nike decided on this price after comparing the products of competitors such as Adidas. Nike compared the Tech Force running shoes to the Adidas Boost running shoes. The Adidas Boost running shoes cost around $180.00. Nike decided to price lower than the products that the competitors are offering. Even though these two products are not the exact same product, both of these running shoes provides a more economical running experience. This is why Nike is competing in price against Adidas Boost running shoes.

References
Investopedia. (n.d.). Competitive Pricing. Retrieved on March 15, 2016, from...

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