The Impact of Product Knowledge & Brand Name on The Internal Price Standards

The Impact of Product Knowledge & Brand
Name on The Internal Price Standards- A
Case Study of Apple Inc.

Table of Contents
1.0 Introduction...........................................................................................................................1
1.1 Problem statement and research gap......................................................................................1
1.2 Research aim and objectives..................................................................................................2
1.3 Potential research output........................................................................................................2
2.0 Conceptual framework- Literature review............................................................................2
2.1 Understanding the importance of branding in context of Apple Inc.....................................2
2.2 Factors affecting internal price standards..............................................................................3
2.3 Impact of branding and product knowledge on the pricing strategy of the business............5
3.0 Research methodology..........................................................................................................5
3.1 Type of the study...................................................................................................................5
3.2 Philosophy of the research.....................................................................................................6
3.3 Research design.....................................................................................................................6
3.4 Sampling................................................................................................................................7
3.5 Data collection.......................................................................................................................7
3.6 Data analysis..........................................................................................................................8
3.7 Ethical consideration.............................................................................................................8
4.0 Organization of the study...........................................................................................................8
5.0 Project budget and justification.................................................................................................9
6.0 Gantt chart...............................................................................................................................10
7.0 References................................................................................................................................12
8.0 Appendix..................................................................................................................................15

1.0 Introduction
The achievement of success and competitive position in the market is driven by a strong store
image as well as value of the merchandize of the retailers (Gu, Park & Konana, 2012). Here, key
factors include the brand image, quality of brands, store image, pricing strategies etc. Similarly,
consumer decision making process is affected by the unique store identity which has direct
impact on the use of pricing strategies. Further, the brand familiarity plays a crucial role in the
use of pricing strategies because number of brands experiences accumulated by the consumers
(Zhu & Zhang, 2010). However, the pricing standards get affected by different factors such as
consumers knowledge, adaptability, brand image, governmental policies etc. because price
fluctuations come in the industries by existence of competition in the market place (Archak,
Ghose & Ipeirotis, 2011). On a contrary, online consumer review have impact on the sales of the
products because customers place the opinions on the basis of use and product characteristics
(Zhu & Zhang, 2010). It shows that the internal price standards influence by brand image and
knowledge of the products because the companies have to use the attractive pricing strategy to
influence the customer. Thus, the objective of the proposal is to critically analyze the impact of
brand name and product knowledge on the price standards. In this context, factors affecting price
strategies will be evaluated by using the literatures for the effectiveness of the study.
1.1 Problem statement and research gap
Branding is important because it is not merely associated with the advertising; however,
it also supports to build an impression on the consumers which allows the customers to know
about the expectations from the company (Zhu & Zhang, 2010). Here, the rationale behind
conducting the study to analyze the impact of the branding and product knowledge on the price
standards and strategies. The study is important because it shapes the consumers buying behavior
and affects the profitability of the firm. Hence, several studies have been done on the relevant
topic but emphasize has not been laid on the product knowledge and impact on the pricing. Thus,
the study is helpful to identify a gap between past studies and current scenario of branding for
the escalation of the business in the competitive market.
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1.2 Research aim and objectives
Aim- To critically analyze the impact of product knowledge and brand name on the internal
price standards- A case study of Apple Inc.
Objectives
 To understand the significance of branding in context of Apple Inc.
 To critically analyze the factors affecting the internal price standards
 To assess the impact of branding and product knowledge on the pricing strategy of the
business
 To recommend strategies for the brand awareness to reduce the effects on pricing and
improve les the buying behavior
1.3 Potential research output
The expected outcomes of the study will be in the static form such as the researchers
comes to know about the importance of branding which has direct relation with pricing
strategies. Furthermore, the study will provide the results related to factors which will be going
to affect internal price standards. At the end, the study will render the impact of branding on
pricing strategies which helps to influence the consumers.
2.0 Conceptual framework- Literature review
2.1 Understanding the importance of branding in context of Apple Inc.
According to Baumeister, Scherer & Wangenheim (2015, 574), branding has tremendous
importance in various consumer goods industries because most of the customers influences
towards the brand image for the easy excessiveness of the products. In this context, Campelo,
Aitken, Thyne & Gnoth (2014) asserted that branding is the identification of the company and
products which encourages the consumers to buy because it develops positive intentions in the
buyers. In this regard, various branding strategies are used by the organizations to influence the
customers and build a unique brand image in the competitive market (refer appendix 8.3).
However, Baumeister, Scherer & Wangenheim (2015) stated that branding is not only important
for the brand recognition; nonetheless, branding enhances the business value by providing the
organization more leverage in the industry. Additionally, branding improves the investment
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