Quality and justification of Price
BRANDING
Module 5
There are something special on quality and price when it comes to products. Quality at one hand have its own effect on brand's movement, so also price have its own effect. Having a brand with a very high price doesn't count to quality compare to one with less price.
Last time we discussed on leadership in brand and we said in all you aim , aim for your brand to be the leader. Under brand leadership it can be classified into two , (1) leader in sales (2) leader in quality.
A brand leader in quality doesn't translate to a brand leader in sales. Paying more for a product doesn't mean it has the best quality compare to others.
Now we have an aim in market, and in all we all have one beautiful aim in the market which is, making our curve cumulatively increasing in sales!
This is the part we work on our consumers psychology. This is time we inclusively consider consumers perception with respect to price. This is time to confess consumers judgement in quality and price of a brand.
Stepping into a competitive market with a brand, one thing you have to do is, create a sub niche that is so unique to your competitors. It maybe the way you package your product, do something that will justify your price.
What we are saying is, Instead of pulling down your price so down in other to compete with your competitors , create a sub niche that will put you ahead of your competitors then pull up your price, or equate with your competitors.
Do something that will justify your price increase or of the same price with those already in market. When you decrease your price so well in other to get customers you may end up reducing a "product of quality" of its quality. Consumers perception of low price to a commodity compare to similar commodities of higher price is one thing ... "Low quality".
Don't give your consumers that idea that your product is of low quality because of your bad decision on price.
Don't kill your product with low price, you may end up having a very bad sales.
So the class is so simple. Build quality, Offer a higher price, justify your price by doing a particular new thing when compare with your competitors, then sit back and smile.
Check out past Modules on Branding
https://hive.blog/hive-148441/@drigweeu/introduction-to-branding-brand-expansion
https://hive.blog/hive-148441/@drigweeu/brand-and-brand-contraction
https://hive.blog/hive-148441/@drigweeu/expose-your-brand
https://hive.blog/hive-148441/@drigweeu/brand-and-brand-advertisement
https://hive.blog/esteem/@drigweeu/fake-fake-fake-never-be-fake