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Price is just as important as the brand. Price promotions used to gain short –term volume and has a positive impact later ,but price competition can destroy the brand. So mid-priced brands that satisfy the consumers leave a strong positive emotion in them..we need to make price strategy with market segmentation and targeting that will help us to identify consumer’s needs and how to make them satisfied by creating a distinct image of the brand relative to other brands.
sure price is an important factor
Will, I think that it has a strong relation with the type of the product, is it a Convenience product or a Peculiarities, also the culture of the buyer.
Targeting the middle class audience is not an easy job since they have a fairly good disposable income but not enough or reluctant enough to target luxury goods to them.
Majority of middle class segment are educated and have goofd knowledge about product and are very specific in their expectations.
For them quality is what it matters rather than brand or price. it's essential to establish a price-quality relationship to cater this segment.
Nextly, this segment is ready to stretch their spending budget for goods which need high involvement like car, TV's, house or goods which are not purchased on daily basis.
Finally, middle class segment falls under social ideal social self category, i.e. how they would like others to see them. So it's essential to give them a well-known brand for a good price rather than serving them with a luxury brand or product/service meant for customers of bottom of pyramid.
For example: A middle class segment would prefer buying a Hyundai, Ford or Toyota car over Any other luxury or local branded car
Yes ,There should be price factor is a major issue
Middle class prioritize thing in a balanced manner. It deppend on which goods your brand also represents. For example luxury goods will have a higher prices elasticity for middle class that would a piece of branded bread.
There can not be on definite answer, i can only recommend you to analyze what are the variables that have the most impact on your product and then research the consumer behaviours according to a change in those variables.
@Andrei Mungiu Thank you for your breif answer. Can you explain the tendency of Middle Class people going for a premium brand where there is a Marginal Price Variation (I:e Product A $100 : Product B150 $).
Price is more influencing but once there are need then product itself will be the trigger of buying behaviour.
