Price when it comes to pricing decisions marketers

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Price When it comes to pricing decisions marketers need to take into account consumers opinions about pricing. Price is the key that creates revenue, with the high cost of healthcare it is the highest concern for patients, especially for those without comprehensive health coverage. Important questions to ask when considering the price are, what is the value of the product, is it price sensitive, will it compare to the competitors[Min16]. When offering a product, the company has to decide how it will be branded. There are several strategies in branding such as, multiproduct branding in which the company places one brand name on all the products in its line. Multibrand in which the company places a different name on each product. Reseller and Mixed strategy in which the company sells the product under the name of another company. Let’s take for instance, Steven Jones recently returned from a week-long hiking trip out West that led to a tear in the meniscus of his right knee. He was advised by the emergency department physician to see an orthopedic physician to get the meniscus fixed. He has a high- deductible coverage, so he searched the internet and found orthopedic physicians in his area. The first one was a 35-physician group with a banner reading, “Your bones knit best with us.” The

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