The role and quality of product prices in marketing

 

The 21st century is an era of marketing and every brand wants to be as close to its customers as possible. You encounter so many marketing campaigns daily, most of which are meant to attract new customers or create a specific brand image. The role of marketing in sales and success for any product and brand has become very important. However, the success of marketing does not only depend on a large marketing budget or excellent marketing techniques. Successful marketing starts with a good product range. Another important element that plays a critical role in marketing is the pricing strategy that a brand uses. This article will discuss how excellent product quality and an appropriate pricing strategy can help the success of a marketing strategy.

Zara is a fast growing fast fashion brand that has achieved a very high level of success in a very short period of time. There are two major reasons for this success, which have been associated with the marketing or สินค้าไอที คือ brand at no cost. Zara does not spend on marketing, but still markets itself better than most other brands in this world. The reason is the right mix of product and pricing. Zara manufactures clothes whose style matches designer brands. Everyone from the middle class wants stylish and expensive clothes at affordable prices. Zara has made this possible, and while its design is as good as designer clothes, the prices are quite affordable as for an average fashion brand. This has led to higher sales and a customer base larger than any other fashion brand. Thus, the right combination of prices and product quality can mean a huge success for a business.

In the case of Apple, the premium prices of its products are supported by the premium quality of its products. While Apple does not charge lower prices for its products, it has unmatched product quality to support its pricing scheme. In addition, the pricing strategy is intended to maintain the premium brand image. In this way, differentiated product quality and pricing strategy have helped Apple create a differentiated brand image and find success. Apple invests in marketing, but other than that, its products trigger a lot of curiosity, discussion and debate only because of their distinctly high quality. This is an area where Apple does not need to invest and where marketing happens automatically because it has unmatched product quality to offer.

Starbucks is another great brand that has exemplified marketing through product quality. Starbucks also charges premium prices, but again, as in the case of Apple, it is intended to maintain a premium brand image and quality of its products. The largest coffee brand is known for its coffee flavors and for the good customer service it provides. The brand did not invest anything in marketing until a few years ago because all the marketing and branding took place through word of mouth and publicity. This again shows that if you have good product quality to offer, you do not need to invest much in marketing. People will know your product and brand, and your sales and customer base will grow. Great product quality also means better customer engagement. So the brands that offer superior quality in their products and services see success more easily than the brands that offer relatively inferior product quality.

However, you will also see brands that use different pricing strategies. Not all brands use premium prices nor competitive prices. Why do they do that? This is because these pricing strategies are tied to a specific type of image and are intended to create a specific perception of the brand in the minds of customers. Premium prices are generally intended to create the perception of a premium brand. But if you are going to charge premium prices, you must first have a premium product to offer. No customer would be willing to pay a premium price for a mediocre quality product or service. Ignoring product quality will also lead to negative publicity and image loss, and in general, it will mean a marketing disaster for your brand. So a premium price must be backed up by premium quality. Having the right combination of price and product quality means popularity and customer loyalty. That’s how Zara built brand loyalty, and that’s how Starbucks did it.