Everything else being equal, people are less sensitive to price changes for brands with large market shares than for competing brands with smaller market shares.
The average person can only bring three to four brands to mind for a given product category. In low involvement categories, these brands receive a major advantage. (Low involvement categories are those categories in which not much time or effort is invested in the purchase choice. These tend to be low price, low risk categories.)
If your brand has high top-of-mind awareness, it’s a good indication that it is firmly in most consumers’ consideration sets (the set of brands a consumer considers when making a purchase choice).
The Blake Project Can Help: The Brand Positioning Workshop
Branding Strategy Insider is a service of The Blake Project: A strategic brand consultancy specializing in Brand Research, Brand Strategy, Brand Licensing and Brand Education
