Pricing directly affects the consumer’s opinion about a product. A slight difference in price can have a major impact on how the consumer feels about buying - and even his or her opinion on the quality of - the product.
Now, let’s discover if, why and how you should change your prices.
It’s every company’s worst nightmare: a product recall. Unfortunately, most consumer brands will be pulled out of the store shelves at least once in their lifetime.
What does a brand stand to do when its frozen pizzas are pulled from the store shelves because it makes people vomit? Sitting with the baked pears (which is a Dutch saying for: to just leave the bad situation as it is), won’t help them. It’s wiser to have a clear post-recall strategy in place, beforehand. But how to devise such a strategy?
What is the real price of your clothing? Getting your hands on a six dollar t-shirt is inexpensive, but who actually pays for it?
Recently, a clothing factory in Bangladesh collapsed, instantly killing thousands of low-wage workers. The disaster caused public outcry; never again shall we buy from brands that expose people to such miserable circumstances. Yet in reality, Primark remains one of Europe’s most popular clothing outlets.