| I was in a wholesale market and the prices of | | | | consumers are also taking into consideration when |
| everything they sell there is simply amazing. I was | | | | buying products or services. These people are not just |
| amazed by how low their prices can be. I could not | | | | buying a bag; they are actually buying a name that has |
| fathom how anyone could still make a profit from the | | | | luxury spelled all over it. The prestige they gain from |
| things they sell there. A shirt for instance sells for | | | | carrying this bag in an upscale shopping center is a |
| US$1.50. A DVD player costs a little over US$10. Not | | | | privilege they are willing to pay. |
| to mention the many imitation products that they so | | | | Now how do you take advantage of this market |
| blatantly sell. Lacoste, Crocs, Polo - these are just | | | | trend? |
| some of the names in their hang tags. But the next | | | | Invest in brand management. Businesses should have |
| question I had in mind is the quality of the products. Will | | | | its dedicated unit in the company which should handle |
| they last? | | | | brand management. The Wikipedia defines brand |
| Consumers today are no longer lured by cheap prices. | | | | management as 'the application of marketing |
| They have become more discerning and oftentimes, | | | | techniques to a specific product, product line, or brand. |
| they also consider the quality of the product. They | | | | It seeks to increase the product's perceived value to |
| have to realize that the cheaper products are less | | | | the customer and thereby increase brand franchise |
| trustworthy than those which cost a little more. | | | | and brand equity.' Brand management is all about the |
| Remember the recent spate of contamination | | | | implied promise that the level of quality people have |
| scandals that rocked an Asian country? As an effect, | | | | come to expect from a brand will continue with future |
| consumers now prefer hang tags that they can trust | | | | purchases of the same product. If this is so, your |
| – particularly for food and beverages. | | | | company can then reap the rewards from a good |
| In addition to this, consumers are increasingly buying | | | | hang tag printing. |
| products that are considered as status symbols. A | | | | A premium brand or a brand that is trusted by majority |
| Hermes shop just opened in a developing country and | | | | of consumers can easily command a good price |
| you would be amazed by how fast Birkin bags are | | | | compared to other products in the same category. |
| being sold considering that their price tags can already | | | | Consumers are more than willing to pay a little more to |
| buy you a nice sedan. The snob appeal is what | | | | have that peace of mind. |