Since there is no possibility of improving the physical quality or value of a product in the marketing stage, several steps can be taken to improve the “value” of the commodity. These steps involve psychological factors that influence the decision of consumers while buying of the commodity. These include advertising, the manner the commodity is displayed, and the environment in which the commodity is sold in addition to the name of the commodity being sold. In this text, we will try to answer this short essay questions.
The environment from which a commodity is sold matters so much in consumer’s decision to buy a commodity even at a high price. Improving the environment and making it attractive and classy as well as the way the products are displayed would play about with the minds of consumers and influence their decisions of the purchasing the product. For example, a piece of cloth being sold from a stall would cost much more in boutique because of the class given to that boutique even though it is the same piece of cloth.
In addition, the arrangement of goods in a store would increase the value of the commodity terminal wise. Although the display of goods is supposed to be beautiful, the calculated integration of commodities and the environment is required in improving the terminal value of the products.
The way a product is advertised also improves the value of a commodity in consumer’s mind. Therefore, proper sales techniques and training of salespersons is significantly crucial since advertising and channels through which it is carried are thoughtful and effective ways of transmitting and communicating the value of goods to consumers. Therefore, advertisement should be of high quality and well-planned so as to increase the value of a commodity.
Moreover, giving discount is another way of improving the psychological value of a commodity. When giving discount, the price value of a commodity is not necessarily cut off but instead, the discount should be a small gift that is unrelated to the commodity or even includes servicing of machinery for a specified period. This increases the value of that commodity