The Effect of Price on Marketing

At a time in our country where supply chain issues are leading to shortages and higher prices for products, it is important to understand how the rising price in products affects buyer behavior. Will customers still buy non-essential products if the price continues to rise? For some maybe, and for other maybe not. The key role of the marketer in this situation is to create value for there customers. If the price continues to be driven up, customers with little knowledge of the product will obviously be given a good reason to be discouraged from buying. But if that product can truly provide value to there everyday lives, then the marketer should be knowledgeable of that product and point that out to them. Never the less it is still very important that companies do the best they can to make prices affordable and not overinflated. Every consumer will have their breaking point, and if they cannot get a price within their budget, the sale will not happen. These supply chain issues definitely make selling products stuck in this situation hard, but not impossible. Marketers and salespeople need to continue showing customers the value of their products and why even with rising prices why they are still beneficial.