Question

What are the key features required for the pricing and branding of MySuper products?

Answer 1

Key features of Pricing and Branding are as follows

Pricing: Pricing is the process whereby a business sets the price at which it will sell its products and service.

1- Pricing depends on financial goals of a company, product price are set as per goals of a company.

2-Pricing of the product is also done based on market demand of a product and also substitutes available in market for a particular product.

3- Cost to make a product is one of the important feature for pricing the product.

4- Pricing of the product is done according to expected revenue of the product.

5- Pricing is done to meet and prevent competition, taking into account how much amount customer is ready to pay.

Branding : Brand is actually a promise to the buyer about the kind of product and expeirence they are purchasing.Its a value for a promised quality maintained.

1- Target Audience - Target audience or market for your brand is the person who is most likely to buy your Product, So branding needs proper analysis on the customer who purchase the product.

2-Brand Promise - The brand promise is the message that speaks to your target audience, its assurance to the customer.

3-Brand Values - These are the core values that your brand seeks and Clearly define what guides your company’s decision-making.

4- Brand Positioning- Brand positioning is defined as the position that a brand holds (or wants to hold) in the mind of the customer.