Marketing Mix: Price

When it comes down to a good price for Duos. This, I feel is where market research really comes in handy and could either give your product the boost it needs, or it could give off a really bad first impression for possible consumers. “Marketing research has three roles: descriptive, diagnostic, and predictive (Pg. 152).” Just simply looking up your competitors and how they’re pricing their products will definitely give you a great edge in competing against them. You can easily research online for just straight up prices from their direct website, or you could take a trip to your local grocery store or wherever your competition is distributed to see if any sales prices are applied, or if it stays true to the original price that the company had intended. “The Internet is an important resource for gathering CI (Competitive Intelligence), but noncomputer sources can be equally valuable (Pg. 173).”

For Duos themselves, I’d sell a regular bag of Milk over White chocolate for $18.99. Why you ask? Simply because a box of 75 Lindor Truffles sell for $28.00 and since Duos won’t be focusing on premium ingredients for our chocolates, it will be easy to sell Duos for cheaper because we are just using the different types of chocolate to our advantage. To be more exact, I would sell specific bags of Duos (I.e. Milk over white, dark over milk, etc.) for $18.99, but as for the variety bags with all different kinds of combinations of milk, dark and white, they would sell for $15.99 a bag because since it’s a variety, people won’t know for sure what they’ll get in the next truffle in the bag so just the sheer excitement in not knowing what truffle you’ll get next, I think, will be worth the money.