Promotion of both new and existing products can standout without price Coursework

Promotion of both new and existing products can standout without price reduction - Coursework Example The development of such brands shows that promotion of both new and old products can stand out and result in immense profitability without an element of price reductions. The development of such brands by Apple, Nike and Wal-Mart among others continues to show the position retail revolution that continues to influence the nature of brand-customer relationship as the discussion below portrays. As explained earlier, price is an equally significant element of the marketing mix that influences the profitability of a product since customers often consider the price of products. Despite such basic understandings, modern marketing trends such as the evolution of retail marketing coupled with retail revolution continue to restructure the market place. Currently, marketers have succeeded in developing effective brand loyalty with customers who can overlook the price of a product. Such developments show changing consumer behavior and the consumer purchasing decisions. Additionally, the inception and use of social media in the promotion has succeeded in enhancing the process of developing formidable brand loyalties. The form of new media provides both retailers and manufacturers with unique opportunities to interact with their target customers thereby influencing the trends in the society. Effective brands influence cultures in the society with customers purchasing the products of a particular brand irrespective of the price of the products. Understanding consumer behavior and consumer buying decisions are vital in the process of developing effective brands capable of overcoming the allure of price in marketing. Consumer behavior refers to the study of organizations, groups and individuals with the view to understand how they secure, use and dispose of both products and services. Understanding consumer behavior and their purchasing decisions is the basic drill in promoting either old or