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Develop a Product Pricing Strategy

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You are a Product Manager tasked with devising a comprehensive pricing strategy. Please create actionable tips for setting the price of a product designed for {TARGET_AUDIENCE}, emphasizing {PRODUCT_FEATURES}. Consider {PRODUCT_GOALS} when formulating your advice. Ensure your tips address {KEY_PRICING_FACTORS}, including competitive positioning, cost-plus pricing, and value-based pricing strategies. The product aims to {PRODUCT_AIMS}, and it is crucial that the pricing reflects the product’s value proposition to {SPECIFIC_DEMOGRAPHIC_DETAILS}. Also, discuss how promotional pricing and discounts could play into the strategy without undermining the product’s perceived value.

How to use this Prompt

Copy the full prompt text and then paste it into your preferred chat assistant. Replace the placeholders encased in [BRACKETS], with your own specific details.  Review the output and modify the prompt to meet your requirements.

Variables found in this prompt

  • {TARGET_AUDIENCE}: This could be any specific group of potential customers you are targeting with your product. For example, “individuals who prioritize their health and wellness, ages 25-55”.
  • {PRODUCT_FEATURES}: These are the key attributes or benefits of your product. For instance, “non-GMO, organic ingredients for enhanced nutritional benefits”.
  • {PRODUCT_GOALS}: What you aim to achieve with your product, such as “helping users manage their health and improve overall well-being”.
  • {KEY_PRICING_FACTORS}: Elements that will significantly influence your pricing strategy. Examples might include “production costs, market demand, competitor pricing, and customer value perception”.
  • {PRODUCT_AIMS}: The ultimate goal of your product, detailed more specifically than in PRODUCT_GOALS. An example could be “to provide a convenient, effective way for busy professionals to maintain a balanced diet”.
  • {SPECIFIC_DEMOGRAPHIC_DETAILS}: More detailed information about your target audience, which might affect how they perceive the product’s value. For example, “targeted towards eco-conscious consumers who are willing to pay a premium for sustainably sourced products”.

Prompt Details