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Role of Product Prices and Quality in Marketing
The 21st century is the age of marketing and every brand wants to be as close to its customers as possible. You go through a lot of marketing campaigns every day, mostly to attract new customers or to create a specific brand image. The role of marketing in sales and the success of any product and brand has grown significantly. However, the success of the market does not just depend on a large marketing budget or good marketing techniques. Successful marketing starts with offering great products. Another important element that plays an important role in marketing is the pricing strategy used by the brand. This article will discuss how excellent product quality and affordable pricing strategies can contribute to the success of a marketing strategy.
Zara is a fast-growing fashion brand that has achieved great success in a short period of time. There are two main reasons behind this success, which comes about free marketing or branding. Zara does not pay for the market, but still markets itself better than any other brand in the world. The reason is the mix of products and the right price. Zara makes clothes that match the designer brand. Someone from the middle class wants fashionable and expensive clothes at an affordable price. Zara has made it possible, and while its design is as good as designer clothes, the price is as reasonable as the average fashion brand. This has led to higher sales and a larger customer base than other clothing brands. Thus, the right combination of price and product quality can mean enormous success for the business.
In the case of Apple, the special price of its product is supported by the special quality of its product. While Apple charges less for its products, it has unmatched product quality to support its pricing plan. In addition, the premium pricing strategy is aimed at maintaining the premium brand image. In this way, different product quality and pricing strategies helped Apple create a distinctive brand image and find success. Apple invests in the market, but other than that, its products drive a lot of curiosity, debate and debate because of their great quality only. This is an area where Apple does not need to invest and where the market automatically arises because of the unmatched quality of the product on offer.
Starbucks is another great brand that markets models through product quality. Starbucks also charges a premium, but as is the case with Apple again, it aims to maintain the brand image and quality of its products. The largest coffee brand is known for its coffee flavors and for the great customer service it offers. The brand has not invested anything in the market until a few years ago because all the markets and brands came about through word of mouth and publicity. This again shows that if you have great product quality to offer, you do not need to invest much in the market. People will know your product and brand, and your sales and customer base will grow. Great product quality also means better customer engagement. Therefore, brands that offer excellent quality in their products and services see success more easily than brands that offer lower than comparable product quality.
However, you will also see brands using a diversified pricing strategy. Not all brands use special and competitive prices. Why do they do that? It is because these pricing strategies are tied to a specific type of brand image and aim to create a specific perception of the brand in the minds of customers. Premium prices generally aim to create a particular brand awareness. However, if you are going to charge a premium, you must have a premium product first. No customer dares to pay a premium for a medium quality product or service. If you ignore the quality of the product, it will also lead to negative promotion and loss of image and overall that will mean catastrophic marketing for your brand. Therefore, the premium price must be supported by the premium quality. Having the right combination of price and product quality will mean popularity and customer loyalty. This is how Zara builds loyalty to the brand, and this is how Starbucks does it.
IKEA is also a brand that has successfully used the formula, price and quality to become the best-selling brand. It offers high quality furniture products at moderate prices. This has driven middle-class consumers towards IKEA and helped the brand expand globally and generate higher levels of sales and revenue. Again, it gets a lot of positive publicity and word of mouth at no extra cost because the brand uses the right mix of product quality and price to attract customers. Therefore, in the 21st century, if you want your brand to succeed, you must add quality to your product and use the right pricing strategy. These are the two main components of your marketing mix that require careful attention to attract and retain your customers.
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