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The assigned topic deals with the importance of interconnectivity between the development of a product, it’s branding, and price, as well as possible tactics regarding its financial value. This subject directly deals with business circumstances that any company may utilize and even change for their benefit. Thus, understanding the nature of the product development life cycle and connecting it with branding and pricing strategies, which may be beneficial to both consumers and producers, becomes the primary goal.
Modern Day Relevance
These issues directly relate to various contemporary business occurrences, as firms attempt to utilize numerous strategies to secure their place in the market. As a trademark symbol that identifies a company, branding remains an essential aspect of marketing for Huawei, a company that maintains constant competition with brands such as Samsung and Apple (Hammett). The strength behind Huawei’s brand comes from “a focus on technology and innovation,” says Hammett, which directly relates to step four of product creation, which is development and testing. Thus, their brand image supports the idea of securing a consumer base through developing desired and top-quality products.
The possible recommendations that may apply to Huawei business strategies link not to product price or quality, but to customer support. While the cost of Huawei products allows procuring a wide variety of customers, there seems to be a lack of buyer-oriented innovative practices emanating from the company. Developing a secure connection and support structure for Huawei-users worldwide may allow stimulating the firm’s growth through commercialization, thoroughly executing the last step of product development, and attaining a high level of customer recognition.
Considering the firm reliance of Huawei on technological advancement and experimentation with successful electronics, the outlook of the company’s future may be viewed as a positive one. With a strong brand image, which continues gaining popularity among those unconvinced by the cost vs. advantages specifications of either Samsung or Apple, Huawei may be set to develop a more extensive customer base. By retaining an appropriate balance of price to customer service, the Chinese company could achieve as much commercialized success as its competitors, possibly outperforming them on the market.
Hammett, Ellen. “Huawei Says Marketing Is as Important as Product in Race to Catch Samsung.” MarketingWeek. 2019. Web.