Product Pricing ComponentIt's practically everywhere. In the workplace. Next to exercise stations in fitness clubs. At sporting events. In backpacks hanging from students' shoulders. Even on tables at conferences and workshops. Bottled water, once considered the refreshment of the rich, has become the liquid icon of the active, health-conscious consumer (Lambert, 1991). Aquafina, a Pepsi product, was introduced in Wichita, Kansas in 1994, and achieved national distribution in 1997. According to the Aquafina website, since its debut, Aquafina has won over consumers with its great taste and purity. In 2003, they were the best-selling bottled water brand. Bottled water became the second largest commercial beverage category by volume in the United States in 2003, and despite its large stature, it continued to grow at a rapid rate in 2004. The category is experiencing even stronger growth globally, but in the United States the volume is unprecedented. In 2004, the total volume of the U.S. category exceeded 6.8 billion gallons, an increase of 8.6% over the volume level in 2003. This translates to an average of 24.0 gallons per person, meaning that U.S. residents now drink more bottled water each year than any other beverage, other than soft drinks (Beverage Marketing Corporation, 2005). Carrying a water bottle has become a status symbol. for many young Americans. Aquafina recognized the trend and broke into this once exclusive market. Because water is so important, health and nutrition experts recommend drinking at least two liters of water every day. Bottled water is a convenient way to ensure that enough water is consumed no matter where a person is. Bottled water is the beverage of choice for hydration and refreshment due to its consistent safety, quality, great taste and convenience. The United States Food and Drug Administration (FDA) fully regulates bottled water as a packaged food product and requires that bottled water meet the FDA's extensive requirements for food safety, labeling and inspection. Aquafina bottled water is inelastic. Water is the most abundant substance in the human body, accounting for up to 60% of an adult's weight and up to 80% of an infant's. A person can live several days without food, but only a few days without water. Like air, water is essential to life. Aquafina bottled water prices are comparable to all bottled water manufacturers, but are of higher quality..