Article Review. Pricing Strategy. Business & Marketing Essay

Pricing Strategy
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Pricing Strategy
The idea of producing fake meat from plant based and animal culture cells that are grown in a lab might seem unusual for most individuals. With the growing technological advancements, scientists have pushed the boundaries of new discoveries by developing genetically modified foods. However, the production of meat from plant-based cells might be extreme. Nonetheless, consumers are more concerned with their diet, and the need for more protein might be more inclined to buying the fake meat rather than the real meat. Therefore, for a restaurant that wants to start selling the fake meat, it would be best if they use the price skimming strategy for their new burgers.
There are several reasons why the company should employ this strategy. People have become more proactive than they used to be when it comes to health matters. There has been an increased interest in preventive measures which shows a shift in awareness and behaviors, especially among the younger generation. The younger consumers of today are willing to take initiatives on behalf of their wellbeing, and they are also ready to pay above normal prices to achieve these targets (Drozdenko, Jensen, & Coelho, 2011). This offers a great opportunity for the restaurant to provide exactly what the customers want and at the same time greatly benefit from the product. Compared to the ordinary meat, the fake meat is produced in labs, meaning that it is less harmful to the environment. Moreover, it offers the same nutrients as natural products, but with less fat and other harmful substances that are found in real meat. Aside from that, the processes of preparing real animal meat produces harmful gases, which negatively affect the environment. Such issues are also of great concern to consumers, and the ...