an increasing number of companies are basing their prices on the product s perceived 3757844
An increasing number of companies are basing their prices on the product’s perceived value.
An increasing number of companies are basing their prices on the product’s perceived value. Value-based pricing uses buyers’ perceptions of value, not the seller’s cost, as the key to pricing. Value-based pricing means that the marketer cannot design a product and marketing program and then set the price. Price is considered along with the other marketing mix variables before the marketing program is set.More and more, marketers have adopted value pricing strategies, offering just the right combination of quality and good service at a fair price. In many cases, this has involved the introduction of less expensive versions of established, brand name products. Campbell introduced its Great Starts Budget frozen-food line, Holiday Inn opened several Holiday Express budget hotels, Revlon’s Charles of the Ritz offered the Express Bar collection of affordable cosmetics, and fast-food restaurants such as Taco Bell and McDonald’s offered “value menus.” In other cases, value pricing has involved redesigning existing brands in order to offer more quality for a given price or the same quality for less.*
QUESTION: Describe the value pricing of a product you are familiar with, or have recently purchased. How does the Brand create ? here are the links of the videos
Attached is also the chapter needed for the work. it’s a Powerpoint. here is an example of the assignment: Value-based pricing offers just the right combination of quality and good service at a fair price. Vans is a shoe and apparel company that offers good quality products that are priced fairly. In particular, a majority of their shoes cost around fifty dollars. This product is priced fairly because of the style and durability of the shoe. The competitive advantage that this product has over others is its style. The shoes comes in all different colors and designs to appeal to any type of customer. On the Vans website, they have added a feature where a customer can now customize their shoe to their liking. Vans is a good quality brand with fairly priced products.
Please watch the videos and take a look at the power point before starting. Thanks again!
How to Sell Value Not Your Pricing
How to Sell Value vs. Price
Communicate Value to Win the Sale
The term value-based pricing refers to the application of a customer’s perception of value as opposed to the actual cost of the item. Primarily, it refers to a situation where a company uses the client’s characteristics and knowledge of the company to allocate costs to their items (Hughes, 2011). In that regard, all other factors may not be necessary………………………………
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