Price
Price from the traditional 4 Ps of marketing is still relevant today. Pricing strategies have evolved from loss leader pricing, penetration pricing, price skimming and differential pricing strategies. Because it is so easy to do comparison shopping now, people are looking for a deal. Value pricing is more important than all of these.
People will pay more for an item if they can perceive the value in it. What would your market pay for your product? If you are marketing it correctly, selling your benefits, you will often be able to charge more than what a customer says they would pay. Common benefits are convenience, ease, uniqueness, skill, experience, leadership and so on.
The price you put on your products and services will also cause a connotation in different markets. A low price can be seen as a bargain and obvious choice or poor quality and amateur. A medium price can be perceived as reasonable and fair or average quality and not spectacular. A high price can indicate a rip-off or excellent quality and exclusivity.
The message is to make pricing decisions according to the market that you are targeting. You do not need to care about what other markets think. The same price cannot appeal to all markets. This is why there are different brands selling similar, comparable products at different prices. In time, if your pricing is consistent, your brand will connote a certain price bracket in customers mind.
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