Chivas Regal Effect
The phenomenon where higher-priced products are perceived to be of higher quality, regardless of the actual quality. Useful for understanding consumer perceptions and designing effective pricing strategies.
2 topics found for:
“premium pricing”
Brand Equity
The value a brand adds to a product or service beyond the functional benefits, encompassing factors like brand awareness, perceived quality, and customer loyalty. Crucial for understanding the long-term value of a brand and its impact on business success.