Symbolic meaning creation is central for the management and Essay

Symbolic meaning creation is central for the management and consumption of brands - Essay Example products and goods started to emerge during 1950s and it essentially tried to embody the notion of buying things not based on what they do but what they actually mean to the consumer. This aspect of products and relative tendency of consumers to assign meanings to the different products therefore suggest some very interesting challenges for the overall brand management and how brand managers can create and sustain such symbolic meanings for their brands. This line of thinking therefore suggests that marketing systems are conceptualized as the culture production systems also because of their ability to create symbolic and cultural meanings for the goods and services. Issues like conspicuous consumption therefore come within the domain of how the marketing systems can be utilized as the meaning creation systems too with emphasis on the meaning creation by symbols. (Wattanasuwan, 2005) It is generally believed that the contemporary society is the society which is based upon consumerism. Different social arrangements within this society therefore crafted around the way different individuals in society consume. Consumption therefore is considered as the central to the different central practices in any given contemporary society. Thus the products which are consumed by individuals and the services enjoyed by the individuals just refer to the ways individuals associate themselves with different groups in a society. It is also argued that the consumers therefore not only consume the products and services but also the associated images with these products and services also. From the social perspective, it is therefore believed that in a fast paced society there is a greater need for having an individual meaning for the consumers also therefore consumers tends to associate themselves with different products and services and images attached to these products. Thus the overall concept is based upon the individual urge to have the sense of meanings to the self therefore

Pricing Decisions Essay Example | Topics and Well Written Essays - 1000 words

Pricing Decisions - Essay Example Article 5 aims to find out the methods of setting prices which are dominating Slovenian business practice. Introduction The articles deal with the pricing practices and strategies in various businesses. As stated in article 1, the businesses and consumers have perfect knowledge of the marketplace but actually they lack the perfect knowledge. This makes the establishment of a pricing policy necessary. Article 2 is based on examining pricing for new product price decisions. It is basically the study of the three pricing practices with respect to competition, costs, and customer value. Article 3 states that products have been divided into four categories such as specialty, preference, convenience, and shopping. The research in this article is basically on the pricing strategy for the various product categories. The relevant strategy was selected as per the literature of the paper that is penetration and skimming strategy. Article 4 deals with the pricing of a short license for software service. Earlier, firms in this industry used to do the pricing based on the usage of resources. As computer hardware became fast and cheap the business model remained no more significant. With the recent spread of complex enterprise software, the cost of software maintenance and deployment has increased again. Therefore, the pricing scheme had been termed as subscription pricing. Article 5 states that pricing is not the most important but is just one of the elements of marketing mix. Inspite, managers complain quite often about the problems and pressures arising due to pricing of competitors, it is stated in the article that pricing is rarely a problem. It states that pricing should be such that the perceived value of the product or service should supersede the perceived price. Importance of the study Article 1 focuses on determining whether small firms use the same established economic principles that economists rely on while explaining the behavior of large firms with regards to pricing strategies and objectives. The study basically is conducted in order to determine whether the economic principles are appropriate for small businesses or not. Article 2 is significant because it deals with the aspects of new product pricing practices. The research paper assesses the ways pricing can be done for a new product. It is important from the perspective of a manager as its becoming difficult for managers to analyze the correct price for the value they are providing to their consumers. Article 3 deals with the aspects of pricing of various product categories which could help attain the corporate objectives of the firm. It is important because pricing should be done on the use of the product. The product category such as convenience products cannot be priced higher as because of the presence of many low cost producer firms in the industry. The research is ideal for serving as a starting point for a developing a framework of corporate objectives, pricing strategies, an d product categories. Article 4 is important because it is related to software pricing. The pricing strategy the researchers are focusing on is basically usage-based pricing wherein the firms will be able to acquire low usage consumers as they do not have to pay more than they use. Article 5 is important as the research is on pricing based on cost or customer. Literature Review Paper 1 In the year 2011, Dunn et.al conducted a study on â€Å"