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Brand Pricing

 

DisciplinesMarketing > Pricing > Brand Pricing

Description | Example | Discussion | See also

 

Description

Set price based on brand values. These are the things that are important for the brand. Typical brand values and potential implications include:

 

Brand Value Pricing Implications
Elegance, high fashion Much higher price
Quality Higher price
Exclusivity Very high price
Cheap and Cheerful Low price
Easy Moderate price
Market leader Price slightly above norms
A better alternative to market leader Price below market leader

 

In practice, while the brand values are an important consideration, the actual price may also take account other factors including costs and competitor pricing.

Example

A Swiss watch-maker embeds jewels in the watch face and sells to a high-end fashion market, using a suitably high price that is comparable to other fashion products.

A supermarket puts its own-brand 'value' products in basic packaging and prices 25% below major-brand products.

Discussion

'Brand' can be a fragile concept that is used to indicate intended image and drive thoughts about the products. Pricing is a part of the brand decision process and wrong prices can damage the brand image. This is one reason why luxury goods manufacturers will destroy unsold products before selling them off at give-away prices.

The price you set will send a message, both to customers and also to competitors. This echoes some aspects the brand, and will certainly reinforce the brand image that customers perceive.

Many people equate price with quality and use sayings such as 'you get what you pay for'. A higher price can hence be seen as indicating you have a superior product. Conversely, a low price can be taken, perhaps unfairly, as indicating a poor quality product.

See also

Brand management

 

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