Today we increasingly hear the word "premium", which we immediately associate with something of high quality and expensive. Sometimes manufacturers, without attaching importance to this word, write it on each of their products, sometimes they even deliberately deceive the buyer. Today we will try to understand the meaning of the word "premium" and in what situations it is appropriate and inappropriate to use it.
Definition of the word "premium"
This word is becoming more common with the development of advertising and marketing, today you can hear it at every turn, but what does this concept really mean?
Under the premium means a thing, service or product that is of the highest quality, the best sample in its class. This is the formal meaning in the dictionary, however the meaning in the marketplace is slightly different. We will talk about this later. Often, because of this, the price of products increases, so only we althy people can afford goods and services of this quality.
Reasons for buying premium items
Most people have a negative attitude towards premium quality products, calling them a waste of money, a simple overpayment for a brand. Of course, some people deliberately buy goods and use services with artificially high prices only in order to stand out from the background of others, to appear richer and we althier to their friends and acquaintances.
The meaning of a premium is to stand out from the background of products of other classes. Basically, the premium class is really distinguished by its quality, and by buying products in this category, you will absolutely get an excellent assembly, tailoring or painting. You can be sure that your money will not go down the drain and this thing will serve you for many years without changing its appearance for the worse. There is indeed a premium for the brand, but if you are willing to pay for quality, this should not confuse you.
There are two components to the concept of "premium". The first is high quality, execution with special attention to detail. The second is the emotional response of the buyer, his social status or image.
Classification of products by their quality
In the marketing field, a classification for various types of goods and services has long been invented. In total, there are five categories of products, established by their quality, condition, demand among buyers.
Economy class
The lowest grade of product quality. Basically, these are goods of lower quality, which are distinguished by the simplicity of theirproduction and consumption. The manufacturer is not a professional, often just starting to work or even studying. The service of these goods is extremely mundane, mostly self-service.
Middle class
Consumer products. Focused on people with average incomes, have a good quality. Often, manufacturers are little-known companies responsible for their product. The most common class of goods. Partial self-service.
The third highest quality class is premium, but we will analyze it in more detail a little later.
Luxury class
This class includes products of the highest quality, aimed at people who want to live in luxury and convenience, no matter what. They are overpriced and take a long time to produce. Often such goods are produced on a personal order, assessing the personal characteristics of the client, his status and viability. Each client has a special approach, based on his desires and requests.
Deluxe
Products of this class are distinguished by their uniqueness and uniqueness. Often, coordination of work takes a long time. The order is carried out by real masters of their craft, comparing their products with works of art, and very often this happens. The deluxe edition merchandise sells at auctions for insane amounts of money or ends up in personal collections or museums. When creating, all the slightest requirements of the buyer are taken into account.
Premium class
Finally, let's talk about premium products, their features and characteristics. Here, the primary role is played not so much by the quality of the product, but by its image. These are products of well-known companies and brands that produce high-quality products that stand on the border with luxury. Premium is an upgraded middle class that asks for a reasonable price for its upgraded quality.
Premium Highlights
1. High price.
This feature is formed, first of all, from the funds spent on production, in addition, the so-called added value for the brand and manufacturer is taken into account. That is why the prices for such goods exceed the average market indicators. This factor is decisive for many when buying goods of this class. For many, a high price is a kind of guarantee of quality, which buyers pay attention to in the first place.
2. Uniqueness and quality.
To match the name, these products must have a unique style, original packaging or design. Here the reputation of the product plays a special role. The market reacts extremely emotionally to every failure of premium products, so every serious mistake can be the last for the company. Simply put, premium is something of a special quality that stands out from other similar products in this category.
3. Ability to meet emotional needs.
The main requirement for a premium product, in addition to its quality, is its ability to satisfyemotional and social needs of the buyer. The purpose of premium products is to increase customer engagement.
4. Original design and packaging
Premium is, above all, a beautiful appearance that creates or complements your image. Therefore, beautiful and original packaging not only looks stylish, but also protects the goods from fakes.
Premium goods
Often, when advertising a product, manufacturers can use such epithets as super-premium or extra-premium. Such expressions are absolutely unacceptable. Basically, buyers demand from premium products its expensive appearance. For example, Mercedes-benz engineers strictly ensure that the sound of a door slamming has a special tone and volume. Of the technology giants, premium goods are produced by Apple, Samsung, Sony. The Rolex watch company specializes in the sale of premium goods and above.
