Factors other than price may be important in analyzing buying situations. Buyers may be willing to pay a premium price to gain other advantages or, be willing to forgo certain advantages for lower prices. Other important factors besides price that may be important are quality, uniqueness, availability, convenience, service, and warranty. In an attempt to recover from intense price competition, fast food chains are marketing value menus of higher-priced items. These value strategies include the quality of the food, user friendly service, and attractive dining facilities. For example, McDonald's advertising message, “What you want is what you get,” emphasizes the concept of value. Value mapping is a useful technique for analyzing how buyers perceive the offerings of different brands. One approach is to first develop the map based on managers’ opinions, followed by obtaining value perceptions from a sample of consumers.
Certain buying situations may reduce the importance of price in the buyer's choice process. The price of the product may be a minor factor when the amount is small compared to the importance of the use. Examples include infrequently purchased electric parts for home entertainment equipment, batteries for appliances, and health and beauty aids during a vacation. The need for important but relatively inexpensive parts for industrial equipment is another situation that reduces the role of price in the buyer’s purchase decision.
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