Caselet: Suppose your product team gives you a product which needs to be priced above or equal to 1.1 Lakh. But the customer is ready to pay only 1 lac for the product. How would go about launching the product at that price?

Question

Accepted Answer

To launch a product priced at 1 lac when it needs to be priced at 1.1 lac, focus on value proposition, cost optimization, and customer segmentation.

Analyze the value proposition of the product and identify key features that justify the higher price.
Optimize costs by reevaluating production processes, sourcing cheaper materials, or negotiating with suppliers.
Segment the target market to identify customers willing to pay the higher price and tailor marketing strategies towards them.
Consider offering limited-time discounts or promotions to bridge the gap between the desired and actual price.
Communicate the value and benefits of the product effectively to justify the price to customers.

Caselet: Suppose your product team gives you a product which needs to be priced above or equal to 1.1 Lakh. But the customer is ready to pay only 1 lac for the product. How would go about launching the product at that price?

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