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  June 25, 2017   
Business Services Center
Marketing: Packaging & Pricing Your Product
Home :: Business Services :: Business Services Center :: Marketing :: Packaging & Pricing Your Product


Packaging and pricing sends a message and communicates an image to your target market, your customer base, and is one of the elements that expresses your business or product positioning and brand value. It is important to take into consideration both packaging and pricing when developing your marketing strategy and plan.

Package design is more than the box you get when you buy a product; it is more than just the look of the physical outer container. Packaging can also be the unique style in which a company provides its services. Think Brown. What comes to mind? UPS trucks, uniforms, boxes, stores, etc? Packaging could be bundling products or services to create value and a different experience for the end user. Cellular companies are a great example of product and service bundle.

Package design must do all of the following:
  • Mirror your product or business positioning. Packaging designs should communicate the business positioning or unique set of values.


  • Communicate your product or business graphic identity as a unique dimensional graphic symbol that may be recognized by target buyers as being associated with a particular brand or business. Develop a logo and icon; choose particular colors, graphic style, etc. How do you want to be perceived by your customers? Serious, funny, elegant, sporty, revolutionary?


  • Mirror your target market values. Your target market values can be manifested in package names, label design, package copy or text, and other key communication points. Mirroring your target market values will create a relevant message to the consumer.

Pricing must reflect not only the value your customers place on what you offer, but also how you want to differentiate your product or business from your competition in your customers' minds. Pricing strategy can signal a premium, discount, or middle-of-the-ground product or service. What does the price say about your image?

When you have decided your pricing strategy, you need to do your homework about your target market, your unique sales proposition vs. competitors, cost structure and margins, industry and competitors, product and category life cycle, distribution channels, and sales impact at different price points.





 
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