What is common between McD’s Aloo Tikki Burger and Hula Hoops? Well, the obvious answer would be… You burn calories accumulated by Aloo Tikki Burger with Hula Hoops. LOL.
But there is another angle to it, which can help startups devise their pricing strategy. When we launched our product, we were faced with two issues – Either we cud sell great products at high prices, or we cud sell cheap products at low prices. Our Hula Hoops were priced at Rs.299 to Rs.999. And even the price of 299 was considered high by most people for a kid sized hoop… considering the fact that markets were flooded with cheap plastic hula hoops costing often less than Rs.200.. (Of course, which are good enough for 6 year old kids only). We could hardly compete in such market scenario.
Then suddenly, as if in a Eureka moment, a thought emerged! How does McD sell its Aloo Tikki Burger at Rs.25 ? Obviously, they don’t earn anything on that. But they know, the one who orders an Aloo Tikki Burger today, will also buy a Paneer Wrap one day!
I think you got the point. Now, our Hula Hoops are starting @ Rs.199 only.
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