In response to Michelle's post...

In Michelle's recent post about branding, she said: "I believe that if you find a brand that you like (weather it is with shoes, clothing, or even food) you stick with it because it is safe and reliable. What brands do you stick with?"

I completely agree with Michelle in that if you find a product brand that you like, you are more likely to stick with it. This is not to say that that will be the only company I ever buy from, but it means that between that company and another at a given price for a similar product, I would go with the company that I enjoy and because I have had good experiences with in the past and that I know is safe and reliable. One of my favorite foods is peanut butter. I put peanut butter on many things and find it goes great with a myriad of food. I used to only buy Skippy peanut butter, as it was on the cheaper side and was convenient and found everywhere. A couple of years ago I decided to try an all natural peanut butter, and saw Teddie brand. Ever since I bought that peanut butter, I have never bought another brand. I think it is more delicious, has more flavor, is more healthy, and only has one ingredient. I know this brand is safe and reliable to give me high quality peanut butter every time, so I stick with Teddie.

I also like to stick with Google products. I have always used the Google search for anything I needed to look up, and due to my success with the search, I have began using its other products. I recently began using Chrome instead of Internet Explorer, Picasa instead of Microsoft Photo editor, and Google maps instead of MapQuest. I have had great success with these products and will continue to stick with Google for any other products they may come out with. I believe that having a good, recognizable brand name with the reputation to back it up plays a crucial role in using a company's product. Do you agree with me and Michelle in that many consumers have brand loyalty and stick with a particular company?

Product Pricing

The price of a product may be one of the most influential decisions that a consumer has to decide on when buying a product. Although it may not be the first thing that a customer sees (as the product is usually first), it is often the last thing a customer sees before deciding whether or not to purchase a product. First, a customer will decide if they like the product by looking at the product, the colors, the features, and benefits or extras that may come with it. After a customer decides that they like the product enough to buy it, they will look at the price and make a final decision at whether the price listed is a price that id fair, they are willing to pay, and have the ability to pay.

Much goes into the price of a product, rather than simply supply and demand (although this may play a factor). Companies go to great lengths to determine a proper price that will allow them to try and sell more of their product than their competitors. It is very important to know a competitors prices at all times and to know whether or not they may be holding a sale or discount in the future. This will allow the company to adjust their prices so that they do not overcharge and not sell as many products. Sometimes, however, a company will purposely set their prices higher in order to promote high quality. BMW, for example, typically has a higher price tag than most other car makers, such as Ford and GM. This promotes the high quality offered to the consumer, that may be willing to pay more for this car.

Price can play an important, if not final, decision in whether or not a customer buys a product. Do you think price is always an important role? Or does it sometimes not matter? How important is it for a company to scout out competitors prices and adjust as needed?