To learn more, read the full article at www.consumerinsuranceguide.com Insurance providers in North Carolina have asked state regulators to approve significant increases in home insurance premiums, particularly for those customers living in coastal areas. An industry umbrella group, the Rate Bureau, told the Sun News homeowners insurance companies were looking to defray a high level of anticipated payouts from this year’s hurricane season.
Question by maan_refai: how is consumer perception of a certain company related to the company’s strategies?
In other words, how can consumer perception of a certain brand affects the strategy of that brand?
Best answer:
Answer by Dimos Argento
Consumer perception can dictate brand strategy in its marketing, pricing, packaging and even its form.
Here are a few examples:
1. If consumers have negative perception of a brand or product, the strategic plan can be geared to a defensive strategy ie consumer re-education or attacking the negative perception by emphasizing its inaccuracy and harping the products positive attributes.
2. When consumers perceive that product A is better than the cheaper product B although the company producing product B knows that both products are the same in quality and performance, the company’s strategy should be geared towards showing consumers that both products are of same quality and emphasizing its value-for-money proposition.
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