Assignment 08 Marketing - previous order # 1084722 addition - Essay Example

Form or Function? When it comes to the key to a product’s success, is it really about form or function that attracts the consumers? Well, this has been a long-running debate among marketers where some argue in favor of the former while other back up the latter. However, both sides have undertaken actual case studies to prove that both product functionality and product design are key factors to a brand’s success. However, I personally believe that product functionality still has a greater weight to pin down the success of a product in the market.

This, perhaps, is the reason why most of the manufactures focus on the functionality of their products rather than its appearance for marketing them. All of us are consume products because of the needs we have to satisfy. Whatever they are, whether it is motivated by a need or a want, all of us allocate a certain amount of our money to the purchase of products where the end goal is to satisfy a need or want, which can be satisfied only if the product comes with the functionality that can meet the needs of the consumer.

Thus, functionality of a product is an essential element to satisfy the needs of the consumer and its absence the product becomes useless for the buyer. This becomes evident from the behavior of the consumers where they 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 products would attract people to buy unnecessary things while shopping, out of pure whim, this mainly applies only to impulsive buyers.

Furthermore, a product with mere form that lacks in functionality can end up in a sale but not such items may not be able to forge a sustainable relationship with the consumers or command brand loyalty (Form Vs Function: Design, Emotion and Profitability, n.d.). When customers are not satisfied with a product’s functionality, they would definitely look for another brand that satisfies their needs in terms of its utility, and would not disappoint them due to the lack of proper functionality.

However, I agree with the notion that the appearance of a product also has a significant role to play in their marketability. This is the reason why there are still products which lack functionality and yet they survive in the market because of the few consumers who put aesthetic considerations over functional considerations and may buy products merely on the grounds that they appeal to and satisfy their sense of aesthetics (Smashing Magazine, n.d.). On the other hand, such products will have no long term value for the consumers because once it satisfies their whim they will not longer require them, whereby the long term sustainability of the product in the market becomes nullified.

Right Price a Fair Price?Pricing is one of the major elements that influence 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, investing only on what we need and to spend within our means. With this said, the question emerges whether prices should reflect the value that consumers are willing to pay or whether prices should primarily just reflect the cost involved in making a product or service with only a marginal profit.

Many believe that the latter strategy of marginal profits will attract a large number of consumers to the product. In my own opinion, companies should have a right pricing strategy, 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 the product. This is because the latter poses many issues such as isolating a lot of consumers that belong to the lower income bracket.

These people may be the ones who really need the product and they are most likely to remain the loyal users of the product over longer periods of time, if the price is affordable. When price is fixed in terms of value that consumers are ready to pay, only the rich people will be able to purchase their products which allow them to ignore being given an “unfair” pricing while the poor people are greatly affected by its implications. This may cause the product to lose its popularity among the masses and in the long run its sustainability in the market will be compromised.

With this said, I would say that right pricing or fair pricing is something all companies should adhere to especially because it is not only for the benefit of the consumers but also of the company itself. With right or fair pricing, companies can ask for an amount that equates to the quality of the materials used to manufacture the product which also has considerations for the labor put in (Can There Ever Be a Fair Price? Why Jcpenneys Strategy Backfired, n.d.). Pricing based on the value that customers are willing to pay for is a form of abuse towards buyers and at the same time it creates a generation of reckless and frippery buyers who have little regard for the value of money.

On the other hand, I do agree that certain products such as luxury products that usually the richer segments of the society only consumes will be better suited for customer-value based pricing strategies. However, the manufacturer needs to know the “sources of value” for the customers and fix the price accordingly for products such as those with innovative designs (Hinterhuber, 2008, p.41). In this context, certain products that are tailor made for specific consumers also will benefit from value based pricing and in such cases, the company can also benefit in the long run as the specific service will be sought for by clients.

BibliographyCan There Ever Be a Fair Price? Why Jcpenneys Strategy Backfired. (n.d.). Harvard Business Review. Retrieved May 15, 2014, from http://blogs.hbr.org/2012/05/can-there-ever-be-a-fair-price/Form vs Function: Design, Emotion and Profitability. (n.d.). Form vs Function: Design, Emotion and Profitability. Retrieved May 15, 2014, from http://www.kaminibanga.com/professional/articles/brand-equity/22-form-vs-function-design-emotion-and-profitability.htmlHinterhuber, A. (2008). Customer Value-Based Pricing Strategies: Why Companies Resist.

Journal of Business Strategy, 29 (4): 41-50Smashing Magazine. (n.d.). Smashing Magazine. Retrieved May 14, 2014, from http://www.smashingmagazine.com/2010/03/23/does-form-follow-function/