Price

The purpose of the Honey Bar is to have the perfect salty sweet snack at the bar for people to enjoy there night and drink with. “Marketing research gives marketers insights into customer motivations, purchase behavior, and satisfaction. It can help them to assess market potential and market share or to measure the effectiveness of pricing, product, distribution, and promotion activities.”(Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing-Page106) Our price for the Honey Bar is going to be like $6 because we import the nuts and are going to give away money and ticket prizes.  The quality of the Honey Bar will be great and have an amazing flavor and is going to be the perfect snack for a night out on the town. “Cutting prices is often not the best answer. Reducing prices unnecessarily can lead to lost profits and damaging price wars. It can cheapen a brand by signaling to customers that the price is more important than the customer value a brand delivers. Instead, no matter what the state of the economy, companies should sell value, not price.”(Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing-Page274) We believe that the price of our product is perfect for it not to cheap and not too expensive. Our hope are that it will draw people’s attention and realize it’s a good snack with their drinks and that they can really enjoy themselves at the bar. “Price is the amount of money charged for a product or service. More broadly, price is the sum of all the values that customers give up in order to gain the benefits of having or using a product or service.”(Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing-Page275)