Blog Topic 8

A recent purchase that I was pleased with was a Marlin 795 Autoloading rifle. The price was very important to my feeling of satisfaction. It represents, in my opinion, the greatest ratio of price for value received in the firearms industry in Canada. A pricing strategy is important because it allows the products within a brand to help define the type of brand and the conversation about the company. People draw conclusions about the type of company they are buying from based on a pricing strategy because for many, including casual consumers, the price is one of the only factors they use to interact with the company. I have learned that the concept of prestige pricing explains how so many top tier brands can enter the market and maintain a certain quality of luxury about them without needing to do much in the way of traditional marketing. They can then shape the conversation about themselves via traditional marketing but the idea of them existing as a luxury brand is already implanted in the minds of consumers via the pricing model.

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