Pricing, Marketing and Branding for a Manufacturing Business
Pricing
When you set the price for your product, you need to consider the potential profit you can make, the competition, as well as what sort of prices customers expect. You need to find a price that will provide profit, but that will not put off customers; whilst also reflecting the quality and features of your product.
If your product is sold to the public, you need to remember that unless you sell to them directly, the price you sell at (e.g. To shops) will not be the price the consumer pays, as the shop will need to add their profit margin to your price.
Marketing and Branding
The marketing of a product can be very different to that of a shop or service, but it needs to do the same job; attracting customers. Your marketing decisions will need to be appropriate for your market; for example: a product for businesses will need m arketing in a significantly different way to a product for general consumers. A business product would be better off with marketing through specialist trade publications and public relations, whereas a general consumer product may be better off with newspaper or radio advertising. The style and branding of your products can be very important; it is one of the key methods of helping customers distinguish your product from the competition. The branding can cover everything from the product logo and the colours of packaging to the style of advertising, if done effectively your product will become much more noticeable and distinguished from other similar products.
“As with marketing, your branding needs to reflect your product’s target customers.”
As with marketing, your branding needs to reflect your product’s target customers, so a business product would generally need a more serious business like brand image, where as a product for children could get away with a bright colourful brand image.
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