Question

Imagine the cost of your product is now double!! Think epi-pen Rewrite the concept statement with new price, addressing new place to sell and new target consumer. Explain how this double retail price will affect your new product idea.

Answer 1

Suppose that I sell a pen and its cost of production doubles. Therefore, in order to keep making profits as before, I will double the price. I will decide to sell it in a more upmarket location where the residents will have a higher purchasing power and won't mind buying pens at double the cost. I might even considering changing the overall appearance and packaging of the product (without spending much on it) to make it attractive to upmarket buyers. However, the higher price may initially lead to lower sales and it may take a while for the new product to create its demand. It is also possible that other sellers already established in the area may try to outcompete me from the market.