Getting the price of a product or service right is critical. Customers want to know they are getting value for money but businesses must ensure they’re not leaving any money on the table, so it’s a fine art.
FMCG firms are using their brand equity to up prices, but in a tough consumer economy, will it win or lose them revenue?
Despite ‘price’ being one of the 4Ps of marketing, not all marketers are in charge of developing their business’s pricing strategy, so how can marketers take control?
Asos boss Nick Beighton says there has been an “unprecedented level” of discounting in the final quarter of the year, which caused the online retailer to issue a profit warning to the stock market this morning.
The Guardian is a fine newspaper and should be proud to reverse its losses, but by giving its product away for free it is preventing the news industry profiting from quality journalism.
Soft drink maker admits that it hasn’t been able to sell as much at full price as rivals and is planning a “step up in investment” for advertising and marketing, ecommerce, data analytics and digital capability.
New data suggests price match schemes don’t attract much uptake from consumers, but they do have an effect on perception of value while vouchers are more likely to drive sales, so marketers must use these tactics in the right situations.
Consumers don’t perceive price in absolute terms but relative to similar products, so if you want to change your pricing model you just have to change your comparison set.
Despite growing concerns of the impact a no deal Brexit could have on consumer spending, Pernod Ricard believes people will continue to pay for more expensive spirits as they look to drink “less but better”.
The move forms part of the supermarket’s 100th birthday celebrations, and it could suggest Tesco is testing the waters for something more long term.
Carlsberg is tackling accusations of poor taste head on with a new campaign, admitting it got “preoccupied with being the biggest rather than the best”.
Retailers are shooting themselves in the foot and consumers are becoming jaded, so why does the UK still partake in the annual day of shopping hell?
Black Friday may seem like a big event in the UK retail calendar but it cannot compete with the sheer scale of Alibaba’s Singles’ Day, which racked up more than £24bn in sales this year and is rapidly becoming a key strategic plank of brands’ plans.
Price match schemes used to be a staple in supermarkets’ marketing armoury but a promise to instead offer lower prices across the board will need to be backed up with investment and communication to ensure savvy shoppers don’t head elsewhere.
MoviePass’s too-good-to-be-true offer reinforces the fact brands have got to create a sustainable value proposition, according to Direct Line Group’s head of brand planning Piers Newson-Smith.
