Question & Answer: Why is pricing, image and competition important for existing products and/or services?…..

Why is pricing, image and competition important for existing products and/or services?

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Answer

Pricing, image and competition are the key factors for existing products or services to get maximum benefits. All these factors are inter-linked. Your product or service price should be competitive as per the market prices so that you can build an image about your product if your product prices will be very low as compared to the market then customer will think that there can be some quality issues in your product or service. Your competitive price will decide how the market perceives your product/service. Always set a competitive price for your new and existing products or services.

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Product or service image is very much important for the marketing purpose. If your product/service quality is as per the customer standard then after some time it will make an hold over the market and will be very easy to launch and get positive benefit on the new product range. Its a time of competition if you will not take care of your product/service image then your competitors can take advantage of this and that will affect the brand image of your product/service in market. Its very difficult to make an image and more difficult to maintain that image for a longer period of time.

Likewise, competition should be planned for the existing market. We should be aware about the new market trends so that we can modify our product/service as per the new market trends. For example if you are providing a service to any company from last ten years and not following the market trend, any other competitive organization can take advantage of this by showing new modifications in the same service as per the market trend and influence your client so you need to be update about the new market trends as per your existing service and can do needful changes so that your service image maintained as it is.

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