Eco 550 Week 9 Long-Term Investment

NOTE This paper is for reference purpose only. Do not submit it to your school or share through any online platform Assignment 3 Long-Term Investment Decisions-Low Calorie Microwavable Food Company Name Professor Course title Institution Date Outline of plan for pricing strategies to reduce products price elasticity Low calorie Microwavable Food Company should consider the following pricing strategies to reduce price elasticity to achieve maximum profits. Branding This strategy involves creating a unique product identity, which customers can easily relate with and attach high quality. Branding is the process of creating an image or idea of a product or service in the market arena, which increases the demand for such product. It may include changing the packaging, creating brand names and improving the quality of a product. Once a brand is build, a firm succeeds in creating a major difference in the minds of customers between their product and those of competitors. Once a product attains a positive outlook in the mindset of consumers, the organization attains brand equity, which brings competitive advantage for the firm as customers view the products as unique or superior, which effectively reduces the pricing elasticity as substitute products become less close to their product.