Chapter 5 aspects of marketing part 22010

1. Chapter 5 Aspect of Marketing Part 2

2. What is branding? Use of name, term, symbol or design – or a combination of these four things to identify a product.

3. What is branding?

4. What is brand loyalty? Customers are satisfied that a certain brand meets their needs all the time, they will develop brand loyalty. They are willing to pay a higher price for their preferred brand..

6. Why is branding important?

8. Why is packaging?

10. Aspect of Marketing PART 2

12. What is Pricing? Refers to the Price of product. It affects the revenue of a business. When we price too high, customers may not buy. We price too low, we may not earn enough revenue.

13. How to Price? Cost: refer to all the expenses a business pays to buy or produce its product.

14. How to Price? Competitor’s prices: We set our prices based on our competitors’ pricing. We may price our product higher if they are unique.

15. How to Price? Customer’s willingness to pay: How much its target customers are willing to pay.

16. Pricing techniques Product Line Pricing – setting different prices for different version of the same product. Airline tickets: economy class, Business class and first class

17. Pricing techniques Optional product pricing – Involves setting prices of optional or accessory along with the main product. - Pizza restaurant offer customers the choice adding extra topping with extra cost.

18. Pricing techniques Product bundle pricing – pricing a few items of related products in a bundle. Example: Set meals – burger + drink + fries

19. Pricing techniques Promotional Pricing – involve temporarily pricing product below the listed prices. Example: Special discounts are offered during festive seasons like Christmas and New Year

20. Pricing techniques Odd-even pricing – Involves setting prices at value just below an even amount. Example: instead of $20, the price is set at $19.95