I recommend you to ask you this question: what is my product and my target? The answer will change depending on the product. Luxury customers don't look for price. So, if you choose reduce prices, you are wasting the prestige of the brand. A luxury customer don't care about price. He looks for exclusivity. But if you sell biscuits, and you want to arrive to families with low incomes, reduce price could be a good strategy.
So, both strategies are good if you have very clear what you are selling and to who you are selling.
by
Adnan Qazi , Head of Information Technology & Systems (CIO) / Head of Inventory Management & Stores , Lucky Cement Ltd
Brand loyalty depends on the following mostly
-. Easy availability
-. Buying experience
-. Good customer service
-. Reliable product
-. Consistent quality
brand loyalty can play out on both aspects. Setting low prices can only be implemented for a certain period in order for the company to use in gaining a positive response from public consumption but good attitude or by means of customer care service, this can go a long way in terms of lip service especially for the base market sector.
