| Feature Article|
Challenge Your “Market Permission”
Capture new markets — or reinvigorate existing ones — by reevaluating how those markets perceive your brand.
Unsurprisingly, many corporations seeking to weather the challenging economic climate are using price as a mechanism to keep sales afloat and maintain market share. But for corporations with respected and firmly entrenched brands, recession-driven changes in the type of products offered — and the prices charged for those products — do not automatically result in improved sales. This is due to the fact that corporations employing this strategy are attempting to challenge their existing market permission — a consumer behavior theory whereby individuals link companies with particular types of product and service offerings. On top of that, they are attempting to change the relationship established between the firm and the customer.
Fast-food chain McDonald's, for example, has earned market permission to provide quick and cheap family-friendly meals. Any decisions to deviate from their existing market permission by, say, adding higher-priced items to the menu would have to be earned because they conflict with the offerings consumers associate with the brand.
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