Pricing Strategy | Custom Essay Help

Abstract

The essay critically examines the application of the “good, better, best” pricing strategy in the marketing and selling of apparel items. The strategy is termed to be one of the most effective approaches due to its appeal to consumers. Consumers have access to diverse options that conform to their taste and class. The pricing strategy is effective as its brings correlation of products, consumers, and pricing. The capacity to offer different prices through the good-better-best pricing strategy enables to appeal to different types of customers. Therefore, the essay paper looks at how to maximize the pricing and sales of the apparel item of choice in this article.

Good, Better, Best Pricing Strategy

The good, better, best pricing strategy offers customers gradually increasing prices that appeal to their being, self-conscious, class, and appeal. The approach enables the offering of different prices to diverse customers in the market. That is, the lowest buyers, middle consumers, and high spenders. In turn, the approach gives every consumer a sense of comfort, accessibility, and appeal to all consumers (Liozu, 2019). Every consumer has an opportunity to access a variety of products that minimal or little varying features. Therefore, the approach impacts profoundly on customer satisfaction and market maximization (Mohammed, 2018).

For example, airline, bus, tours, and travel companies utilize the “good, better, best” pricing approach in marketing and selling their products. This comprise of the business classes which is equivalent to good, the economy class that is equivalent to better, and the VIP/VVIP class that offers the best of the services and products (O’Brien, 2006). In turn, the varying options attract different prices and consumers that associate with the respective class. Insurance companies and health care organizations offer ordinary terms, high-end terms, and premium services. This conforms to the “good, better, best” pricing strategy for their products. In turn, diverse customers and their different purchasing capacities can access varying products based on the approach. Hence, create comfort and accessibility to all consumer segments.

Apparel Item

The apparel item covered in this paper entails the African Shirt for both women and men. The product is a presentation of the African people and culture. Conforms with the feeling of heritage, belonging, uniqueness, and identity. The products are designed a multipurpose top that can go with a variety of designs on the bottom. The products are fitted with a variety of materials to product the best garment style for each category (Mohammed, 2018). Therefore, customers can have access to a variety of products fitting the “good, better, best” pricing options.  Figure 1 and 2 shows male and female sample of the apparel items.

Figure 1: Female Shirt Designs.

Figure 2: Male Shirt Designs.

Consumer Profile and Market Segment

The consumer profile and market segment cuts across the society. That is, targets the low income, middle-income, and wealthy individuals in the society. This is based on the “good, better, best” pricing approach that targets all members of the society. The profile covers individuals that love designer clothes and culture products. Table 1 below analyzes the pricing of the products based on “good, better, best” pricing strategy.

Conclusion

In conclusion, the pricing strategy targets the lower, middle, and wealthy individuals in the society. This means that every member of the target market has access to a product based on their purchasing capacity. Hence, high sales are bound to be made as a result of consumer purchasing power.

References

Liozu, S. M. (2019). Make pricing power a strategic priority for your business. Business Horizons, 62(1), 117-128.

Mohammed, R. (2018, Sept-Oct). The good-better-best approach to pricing. Harvard Business Review. Retrieved January 23, 2021 from https://hbr.org/2018/09/the-good-better-best-approach-to-pricing

O’Brien, R. (2006). Good, better, best. Teacher: The National Education Magazine, (May 2006), 6.