In the market place today, it is not strange to see the same product from the same organization with different prices and packages on the shelves of sales outlet. Due to high demand of a company's product or services, they do brand it differently for different classes of people to satisfy their desires, wants, needs and unfailingly personal ego.
This double edged approach is on song in many products and services offered. A product offered online is cheaper than the same product when you go to pick it up from local stores. Many educational institutions have regular and part time students all studying the same course at different frequencies and prices, yet same certification at the end of the course. In automobile industry, Toyota motors built same product as Camry and Lexus. While Camry is for everybody, Lexus is exclusively made for Americans. It all looks like someone is fooling someone, yet both are aware yet happy and satisfied.
PRICES
A producer of goods and services can use this strategy to deal with both the high class and low class clients demand in a highly competitive scenario. It is best suitable for any product that has a high demand and wide acceptance. It keeps both the big and small clients glued to you.
As the price difference sets apart the upper from lower class, crafty branding of same quality product into high and low class regimes adds more magic to the business and cash flow indices of the organization.
This act in business does two major things for its users. In the first place, it is an income spinner as it encourages its users to fit into the price regime that is suitable for them. Secondly, it guarantees high customer satisfaction as the product or services gets to many people who long for it.
More importantly, it shows resourcefulness of the management as the production process is same, with difference in branding.
Marketing - Same Product, Different Prices
Igwenazor Kingsley Chinaemerem.
An investment analyst and stockbroker with De-Canon Investment Limited, Lagos Nigeria.
An investor, Public speaker and Educator, with an interest in long term investment and building young entrepreneurs.
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