Marketing: Why is it appealing to me?

Marketing
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Marketing
Why is it appealing to me?
The iPhone brand continues to position itself for greater achievements and results with each passing release. The products being released, the brand's pricing strategy, and the controlled releases continually increase the world's appeal. Even though it has a strong competitor in Android, iPhone has managed to separate itself and remain profitable over the years. Aside from the above, some of the brand's features enhance its appeal to its target market. For example, the iPhone is believed to be more secure compared to its competitors. Also, the brand comes with an exotic feel. Since its inception, the iPhone brand has released products that are unusual yet interesting and intriguing. A majority of customers do not buy or opt for the brand because it caters to their communication needs and status symbol. This means the brand has been able to differentiate itself from the rest. Another feature that makes it appealing includes the fact that it has been a trendsetter since its inception. For example, the brand opted for an aluminum back instead of the commonly accepted plastic. Also, the iPhone brand was the first to come up with scratch-resistant screens. Since 2007, the brand has set itself apart and continually enhances its appeal to me and its wider target market.
Pricing examples that compare and contrast various factors that influence promotional strategies for each of the five pricing strategies:
Premium Pricing
Premium pricing works best with the differentiation strategy. It is best suited when the product being introduced into the market has distinguishable features compared to its competitors (Nielson, 2014). Such products offer something unique and different than what is available in the market. Companies that use the premium pricing strategy create an image of higher worth and value when customers buy their products. The iPhone brand and, by extension, all of Apple products are premium priced. As indicated above, the iPhone brand is distinguishable from the rest of the same industry's competitors.
Penetration Pricing
The penetration pricing strategy happens when a company offers its goods and services at a lower price to induce its target market. Even though losses are inevitable in the short-term, marketers expect high market penetration, prices can be raised, and help achieve higher profitable levels. A good example is Netflix, which induces buyers with their one-month free trial. However, after the month ends, Netflix introduces its prices, and since a customer has already enjoyed their service, it becomes difficult to cancel the subscription.
Economy Pricing
Economy pricing involves having one's prices at the bare minimum. The goal here is to make the smallest profit margins but sell or move a larger volume of goods and services. Walmart is the main culprit of this type of pricing (John, 2019). With this strategy, Walmart has been able to keep many competitors out of business while maintaining a monopolistic position in the retail market.
Psychological Pricing
Psychological pricing mainly involves instances when companies seek to exploit their customers' emotions by making small changes that influence customer...