Saturday, May 5, 2018

Pricing is a Guide

Did you know that the average consumer considers price as the number one determiner of quality.

It's not such a bizarre concept, think about it when you've made a comparison on products that you may not be familiar with.

Depending on the task at hand and whether or not you want the product to last - chances are that you do not select the cheapest amongst the options.

Think about clothing and your opinion on the quality of a pair of jeans.

If you're like most people, then the scale will look like this :

$20 / £12  ::  nope, they'll self destruct after the first time worn 
$50 / £30  ::  could be OK, but probably won't fit all that well

$150 / £90  ::  yes - this is the pair I'll choose
$350 / £220  ::  I'd buy these for a very special occasion

$800 / £500  ::  are you serious?
$1,200 / £700  ::  now we know your joking

The common perception is the first 2 pairs will be substandard in some way, probably poor construction and certainly low quality material.

The middle 2 pairs will be the best value and will be made from a nicer, longer lasting material and will fit nicely too.

The last 2 could be a practical test to see if you'll actually spend your money on such a thing?

Of course, these 3 price brackets are a random guide and while based on some fact, the numbers could be skewed to reflect a certain position.

The point is that most consumers use price as a guide for quality.

Does the cheapest price always win, or are some people more cautious of what actually goes in to a product?


No comments: