What should they consider when setting their prices

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Reference no: EM133293795

Case: Drip Footwear was founded in 2003 in South Africa by a young entrepreneur, who grew up extreme poverty.

Drip Footwear is more than just a sneaker. It is a brand that is dedicated to working with customers to design the future. Design and Quality are at the core of everything they do. They are accessible and have done collaborations with FILA to amplify their impact. Dip strives to be a dependable, responsive, imaginative and a passionate brand. Their mission is to inspire customers to define their great, irrespective of where they come from.

Their target segment is young adults aged between 18 - 24-years. The age group is fashion-forward and more likely to be interested in new sneaker companies.

When determining the purpose of segmenting the market, how can Drip footwear navigate through the following factors, that they should consider:

* product design - what kind of quality and features will their target market look for. What benefits and attributes

* advertising message - based on Drip's product positioning, what message should they convey

* packaging and distribution - what type of packaging would suit a young sneaker brand

* Price - Drip sells high-quality fashionable sneakers, that is priced from R700 to over R2000 per sneakers. What should they consider when setting their prices?

Reference no: EM133293795

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