Influencing consumer price perceptions and driving market share
It’s not uncommon for a consumer’s perception of your pricing to be different from the actual prices you charge, influencing the competitive positioning of your brand in the market, and consequently, affecting your market share.
For this reason, understanding how a brand is perceived to perform on price is vital when setting pricing strategy. It’s not always about the absolute price charged –every brand needs to build and manage its desired price image.