With the use of psychological pricing, CardSmith also successfully adds more value to its products from the point of view of customers Since CardSmith has a number of different product ranges and product groups, the use of psychological pricing has been beneficial Using elements of premium prices in other product ranges has also allowed CardSmith to maintain significantly high profits and a consistent business growth Premium prices add a touch of privilege and high value in CardSmith products This, in turn, leads to a perception g luxury in consumption products With premium prices, CardSmith has successfully also made some of its product ranges exclusive by restricting sales and production. Premium pricing for products also encourages a favorable quality perception of CardSmith products amongst consumers The marketing mix CardSmith uses a combination of a number of techniques for pricing its products, which are detailed below:īy using premium pricing for some of its product ranges, CardSmith encourages favorable brand and product perceptions in target consumer groups Through the production of different SKUs, CardSmith has also increased the trial rateĭifferent SKUs have also helped CardSmith improve its product accessibilityĬardSmith marketing mix focuses on a hybrid strategy for pricing to obtain maximum value for its products. The products by CardSmith are available in different sizesĬardSmith has made use of different SKUs to increase market penetrationĭifferent SKUs can be brought and used as per the consumption needs of the consumers, and the target markets.These psychological needs include, for example, the need for empathy, the need for belonging, and the need of feeling loved. Products manufactured and sold by CardSmith promise consumers an ego boost, confidence, and securityĬardSmith also promises fulfilment of psychological needs on product consumption The distinguishing aspect of CardSmith is its delivery of emotional benefits to the consumer ![]() These functional benefits are promised and delivered – however, they are also delivered by other similar products The broader product portfolio also adds more value for CardSmithĬardSmith offers functional benefits to consumers of the product use.Also, the broad portfolio allows financial strength to CardSmith.The broad portfolio helps CardSmith in reaching different target groups in the market CardSmith has a broad portfolio of products.The consumers can also call the 24/7 helpline to understand details about product usageĪlso, retail representatives provide detailed instructions and explanations regarding the use of the product at the time of the sale The products manufactured and sold by CardSmith are relatively easy to useĪll products come with a user manual, which is easy to understand and which provides simple instructions for product use ![]()
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