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Analyzing an article - Assignment Example

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Pricing Strategy: Let Your Customer Decide What Expensive Is Key Points in the Article In the article “Pricing Strategy: Let Your Customer Decide What Expensive Is” Dave Huckabay explores the role of consumers in pricing. The article analyzes the factors that lead to the classification of products as either cheap or expensive…
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Download file to see previous pages However, why should not there be a general product for a particular range products. For example, what would happen if Apple’s iPhone were priced similar to Samsung Galaxy? In this case, people would argue that customer’s choice between the Galaxy and the iPhone is based on the brand name. Now suppose we scrape off the brand names and give the two products a similar appearance. Which of the products would sell more and why? This and many other economic and marketing puzzles dominate the article. Issues of brands and prices dominate the technology market. However, the issue still applies even to most basic consumer services. For instance, why are some private doctors or lawyers busier than others are, despite having the same qualification? Consequently, why are some commodities costly and yet they have a better market than cheaper ones. For example, why do people always go for an expensive lawyer whenever they have legal requirements? This and other similar questions are tackled in the article. The author argues that customers are the sole determinants of prices and they control the market. What does being expensive really means. The issue of expensive and cheap commodities characterizes any market. Customers are complaining that a thing is either too expensive or it does not meet their expectations. Surprisingly a car valued at $3000 and a candy valued at $2 might be categorized as expensive products. It beats logic to analyze the price difference between the two products in terms of their price money. Indeed, $3000 is extremely greater than $2. Thus, it might be absurd to categorize both products as expensive products. Consequently, customers of each of the above products have a hypothetical price that they consider as fair or correct. However, how do sellers get access this price without going through the customer? The power to unlock this mystery is the key to successful marketing. Some like when the prices are high while others like it when the prices are at the lower extreme. Choice for either extreme depends on consumer's decisions. Surprisingly customers will always complain that the prices of commodities are extremely high independent of their purchasing power (Bade, and Michael 72). Are consumers always complaining about prices or can we achieve the reverse situation. Indeed, it is possible to manufacture the later scenario in an ideal market. According to the author, successful marketers know how to reverse customer’s view on expensive prices. Analyzing the News In a market system, successful products always have substitute. Availability of substitute is the main factor that distinguishes a competitive or an ideal market from a monopoly. Consumers distinguish different products based on brand names or their market label. Despite the differentiation, some products are more successful than others are. Consequently, customers would buy such products at even high cost defying key economic principles. Price is the key monetary representation of a product’s value. Thus, the price of a product reflects its true value in a particular market. Customers have they own definition of value that depends on the nature of a product and the subsequent economic environment. For example, people would be comfortable buying a bottle of water at $100 in a hot desert. Consequently, the same customers would not be able or willing to buy the same bottle in a place where water ...Download file to see next pagesRead More
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