The Fake Factor: Why We Love Brands but Buy Fakes

Role of Integrated Marketing Communications (Cont.) Consumers can be told or shown how and why a product is used, by what kind of person, and where and when; Consumers can learn about who makes the product and what the company and brand stand for Consumers be given an incentive or reward for trial or usage Brands can be linked to other … People Places Events Brands Experiences Feelings Things Pricing decisions Factors influencing pricing: (Internal factors) Corporate and marketing objectives of the firm The image sought by the firm thru pricing The characteristics of the product Price elasticity of demand of the product The stage of the product in the PLC Use pattern and turnaround rate of the product Costs of manufacturing and marketing Extent of distinctiveness of the product and extent of differentiation practiced Composition of the product line of the firm Categories of pricing methods Cost based pricing: under which one can have :a)Mark up pricing or cost plus pricing b)Target Rate of Return pricing Demand based pricing: under which one can have: a) what the traffic can bear pricing b)Skimming pricing c) Penetration pricing Competition oriented pricing Value pricing Tender pricing Affordability based pricing Differentiated pricing

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