This assignment requires you to apply pricing strategies to your companys product.Part 1: PricingUsing mainly articles from the librarys full-text databases, complete the following: Research the pricing schemes of the 2 competitors.Compare and contrast 3 pricing strategies for the product.Select the appropriate pricing plan for the next year, which may be comprised of different strategies. This section of the paper should be 3 pages in length and use research from the librarys full-text databases and other quality college-level resources. Stay away from consultant sites on the Internet.Part 2: Channel SystemUsing mainly articles from the librarys full-text databases, complete the following: Research channel systems.Apply a channel system to enhance customer value. This section of the paper should be 3 pages in length Your assignment should contain a cover page, an abstract page, and a reference page in addition to the body. The body of the paper should be 6-9 pages in length, starting with a brief, 1-paragraph introduction and ending with a short conclusion. The entire submission will be 912 pages in length.