PRICE, PERCEPTION, ILLUSION AND ASPIRATION

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Published: 28th November 2016
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As a new business owner grappling with the real world retail trade for the very first time, you might find yourself confused with the various ways retailers ply consumers with products, services and brands. The intricate process of getting inside consumers' minds and making the info you give out stick; involves a large amount of meticulous message configuration. That which could enable you to compare, analyze, and hammer out just the right kind of message you need to issue to get consumers on to your side. One that makes you win by making them feel the same way you do about winning by buying into your idea.

Confused even more? Don't be. You'll soon get the hang of it the moment you begin thinking of the following things for your products or services:

Price

Perception

Illusion

aspiration

It would help you to note that the concept of methodical chaos and confusion about the above-mentioned ideas are part of the retail game. This is the mystery that consumers need to have so that they might feel the need to connect to you for info.

Your preparedness to answer all these is required. No marketing could ever be successful without any company or brand cleverly concocting retail scenarios capable of manipulating thoughts, ideas, concepts and possibilities related to these four things. Once you achieve a functional amount of skill to do this, then you're all set.

Price
This is what you peg for whatever product or services you offer. All business books say that the most common price tags you stamp on your goods are the result of this equation: Production cost + labor cost + amortization percentage + + cost of sales + factorate + 15% of all this as your profit margin. This is the financial aspect of the price. However, goods and services and their prices could also be affected by many variables such as brand equity, taxes/duties, project durations, supply/demand and the like. Whatever price you peg and however you justify it, you need to be sure about one thing: Price must always be strategic.

Perception
Your company or your brand and the products they offer will always be perceived by consumers dependent on the kind of information you provide them. Yes, pricing also plays a vital role in the kind of perception customers usually have and they will also associate this with the kind of image your project for brands, products or services. This could only result in three varying perceptions: Affordable. Expensive. Reasonable.
It could be tricky to differentiate one from the other regarding these three perceptions since what's affordable, expensive or reasonable to one particular customer may prove otherwise to another. However, companies take pains to position their products/services in the market strategically to make consumers find whichever of the three a viable buying rationale.

Illusion
Consumers will always be making decisions under the illusion that they have a lot of choices to choose from. You give them a wide array of products/services the same way your competitors do. Consumers pick one or more from the lot and buy. A large percentage of them however have done the picking out long before you've offered them that wide array to choose from. It is very rare for any retailer to find customers willing to go through each an every single choice available and would rather buy things that have been recommended by friends or chosen out of brand loyalty and personal bias.

Aspiration
The prospect of buying and subsequently owning coveted retail items especially when they are in vogue and evoke status symbol will always be found common among many consumers. This makes them feel good about themselves and the products/services and brands they buy into. When retail items play the aspirational card well, consumers could be urged to willingly disregard better judgment and replace this with the satisfaction of having bought something that all others aspire to own. Practical use and cost-efficiency sometimes gets thrown out the window when this happens.

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