ABSTRACT
This chapter focuses on young consumers' understanding of value and how these are linked to income and the symbolic aspect of brands. The value-oriented approach to pricing requires organisations to gain great understanding of their market segments and gain deep understanding of the true value that consumers gain from the products or services they acquire. It is therefore understandable that branding and the associated elements such as brand symbolism, brand awareness, brand image, identity, personality and others contribute to the formation of perceived value. Wakefield and Inman suggest that 'price sensitivity refers to the extent to which individuals perceive and respond to changes or differences in prices for products or services'. Children's price sensitivity is affected by their experiences, brand and product knowledge, motivations and wealth. The concepts of consumer behaviour, product/brand symbolism and segmentation should be carefully connected to the classic marketing mix tool, meaning to the pricing element of the marketing mix.
