Basic Principles Of Marketing

Marketing Basic Principles – Assessment How Important is Price? Customer Satisfaction. Satisfaction Survey. Company Reports – Desk Research. Customer Satisfaction Surveys – Field Research. Advantages. Disadvantages. Reference.

Garnier needs to approach the current competition which are brands such as Nivea, Olay and Simple, enabling them to price their products. Garnier has decided to keep a value added policy which is adapting on a product by adding features that their competitors don’t have and that customers will pay more for. This method not only increases sales but aims to make customers loyal as Garnier is offering different products that customers can’t find anywhere else.

Garnier looks at possible sources of information online and researches company’s reports to find data on their pricing range, in order for them to agree on a suitable price for their products. This strategy Garnier uses is known as desk research.

The chart below shows the variation of prices between well-known brands. Garnier is a drugstore brand so it tends to keep its prices affordable but still a bit pricey so that customers believe it to be good quality and not one of those cheap products.