Marketing Management - Assignment 8 Essay Example | Topics and Well Written Essays - 500 words

Marketing Management - Assignment 8 - Essay Example Thus, functionality of a product is an element that should never be absent in anything that is sold in the market. This is very evident in a consumer behavior where a customer would immediately ask for a replacement or product service for any damaged or defective produce they have just bought. With this said, functionality is the end all and be all. Though a form of a product would attract people to buy things that may not be necessary, this is just mainly applicable to impulsive buyers. Furthermore, a product with just form without functionality could end up in a sale but not a sustainable relationship with a certain product or brand (Form vs Function: Design, Emotion and Profitability, n.d.). Once customers are not satisfied with a product, they would always immediately look to another brand that would not disappoint. However, there are still products which lack functionality and yet are still in the market because of the few who put aesthetic considerations over functional considerations (Smashing Magazine, n.d.). Pricing is one of the elements that affect a consumer’s purchase behavior. This is because all of us have to prioritize the kind of expenses we make for a limited budget. That is why we are all told to be practical buyers, only getting what we need and to spend within our means. With this said, the question of whether prices should reflect the value that consumers are willing to pay or if prices should primarily just reflect the cost involved in making a product or service comes into picture. In my own opinion, companies should have the right pricing, meaning reflecting the cost involved in making a product or service which translates into fair pricing as opposed to a price that reflects the value that consumers are willing to pay for. This is because the latter poses many issues such as isolating a lot of consumers that belong to the lower income bracket. When