Pricing is the main factor for any product available in market, if consumers are convinced that they are getting quality product for the value they are paying, the product is sold easily
Explanation:
- Higher priced products are perceived to be of higher quality and are an example of positioning through pricing.
- Today's world is dominated by technology and media and in combination, these two points display various lucrative ways one of them being effective branding.
- Hence people just like to spend money because of this branding thinking that if it is expensive it is a quality product and worth buying.
- A simple example of that would be if we go to buy any household product and when we have several options to choose from the first thing we would look is for the brand and price tag
- And we immediately ignore lower price item thinking the brand is not known.
