Marketing Mix: Price

"Pricing may play an important role in helping to accomplish company objectives at many levels. A firm can set prices to attract new customers or to profitably retain existing ones. It can set prices low to prevent competition from entering the market or set prices at competitors’ levels to stabilize the market."(Marketing: An Introduction; Armstrong/Kotler; 9 Pricing Understanding and Capturing Customer ...; pg. 18 of 59) Based on the fact that our distribution is going to be strictly selective to only bars and nightclubs, our price range will not be cheap, but will not be super expensive either. We don't want people to think that cheap means it's not that good, and also on the contrary that if it's expensive, that noone will buy it. Therefore, our bottle price for Buzz Vodka will be $24.99. It's an affordable price for an exclusive experience to Buzz in and Buzz out. "For most purchases, consumers don’t have all the skill or information they need to figure out whether they are paying a good price. They don’t have the time, ability, or inclination to research different brands or stores, compare prices, and get the best deals. Instead, they may rely on certain cues that signal whether a price is high or low" (Marketing: An Introduction for Education Management Corporation, 10th Edition pg 292)