Role of Product Prices and Quality in Marketing

The twenty-first century is definitely an era of marketing and each brand really wants to be as near to the customers as you possibly can. You discover a lot of marketing campaigns daily, many of which should attract new clients or to produce a specific brand image. The function of marketing within the sales and success associated with a product and brand is continuing to grow essential. However, the prosperity of marketing doesn’t just rely on a sizable marketing budget or excellent marketing techniques. Effective marketing begins from the great product offering. Another essential element that plays a vital role in marketing may be the prices strategy utilized by a brandname. This information will discuss how excellent product quality along with a appropriate prices strategy can help the prosperity of a marketing strategy.

Zara is really a fast growing fast fashion brand which has acquired a really higher level of success in an exceedingly short time. There’s two important reasons for this success that has come free of charge in marketing or promotion of the trademark. Zara doesn’t invest in marketing but nonetheless markets itself much better than other brands nowadays. This is because the best mixture of product and prices. Zara makes clothing whose style matches those of designer brands. Anybody in the middle-class wants stylish and costly searching clothes at reasonable prices. Zara makes this possible even though its designs are just like designer clothing, the costs are very affordable like this of the average fashion brand. It has brought to greater sales and some customer bigger than every other fashion brand. Thus, the best mixture of prices and product quality often means enormous success for any business.

In situation of Apple, the premium prices of their goods are based on the superior quality of their products. While Apple doesn’t charge affordable prices because of its products, it’s matchless product quality to aid its prices plan. Furthermore, the premium prices strategy is supposed to sustain the premium brand image. In this manner differentiated product quality and prices strategy have helped Apple produce a differentiated brand image and discover success. Apple invests in marketing but as well as that its products spark lots of curiosity, discussion and debate only due to their clearly high quality. It is really an area where Apple doesn’t have to take a position where marketing happens instantly since it has matchless product quality to provide.

Starbucks is yet another great brand that has exemplified marketing through product quality. Starbucks also charges premium prices however that again as with situation of Apple is supposed to sustain reasonably limited brand image and excellence of its products. The biggest coffee brand is renowned for its coffee flavors but for the great customer support it offers. The company didn’t invest anything in marketing till some time ago because all of the marketing and branding required place through person to person and publicity. It can implies that for those who have great product quality to provide, you wouldn’t have to invest a great deal in marketing. Individuals will know your products and logo and profits and subscriber base will grow. Great product quality does mean better customer engagement. So, the brands offering good quality within their services and products see success easier compared to brands offering comparatively inferior product quality.

However, additionally, you will see brands using diverse prices strategies. Not every the brands use premium prices and nor competitive prices. So why do they are doing so? For the reason that these prices strategies are associated with a particular type of brand image and should produce a specific perception of the trademark within the customers’ mind. Premium costs are generally designed to produce the thought of reasonably limited brand. However, if you are planning to charge premium prices, you have to first possess a premium product to provide. No customer could be prepared to pay reasonably limited cost for any mediocre quality service or product. Should you ignore product quality, it will likewise result in negative publicity and lack of image and overall which will mean a marketing disaster for the brand. So reasonably limited cost should be supported by superior quality. Getting the best mixture of cost and product quality means recognition and customer loyalty. This is the way Zara built brand loyalty which is how Starbucks made it happen.

IKEA is another brand which has effectively used the cost and quality formula to become bestselling brand. It introduced high quality home furnishing products at average prices. This drove the center class consumers towards IKEA and helped the company expand globally and generate high degree of revenue and sales. Again it earned positive publicity and large amount of person to person marketing free of charge since the brand used the best mixture of product quality and costs to draw in customers. Thus, these days if you would like your brand to become effective you have to add quality for your product and employ the best prices strategy. They are two key components of the marketing mix that need careful focus to draw in and interact your clients.