In this module, you reviewed many of the different factors that influence the price a company must establish. One aspect of the price that can be established is the brand image and the brand equity related to the product (discussed in previous modules). Explain how these two items may influence the price you can establish for a product. Support your answer with additional outside materials.
Include in your discussion post personal observations as well as concrete examples to support your views. Initial posts should be at least two paragraphs and include direct references to the readings and/or additional articles. Word choice and sentence structure should be suitable for professional level work, and all sources should have appropriate references and citations.
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Brand equity and brand image play an essential role in the marketability of a product. Brand image defines the impression that loyal and potential customers have towards the product. Brand equity on the other hand, is the financial value resulting from the discernment that clients have about the brand, the product name, or the service offered rather than the product itself (Shabbir, Khan & Khan, 2017). The brand image and equity, therefore, have a role to play in establishing the price of products in a company. For instance, the brand image adds value and meaning to the product and can be used to set the product away from other competitors. When customers believe in the brand and get to…
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