summary:
Customers often view price as an indicator of quality, assuming that higher prices correspond to better quality.
However, this popular belief is not entirely true, as there are products with a price that is not commensurate with their quality.
Studies have shown that customers can be misled by the price of a product. In one experiment, two people were given a choice between two energy drinks: one cheap and one expensive. Surprisingly, the person who chose the expensive energy drink did better on a sprinting workout than the person who chose the cheap drink. The only difference between the drinks was their price, which indicates that the psychological factor played a role in the outcome.
This example highlights that the secret behind perceived quality is not necessarily in the product itself but rather in the psychological perception of the customer.
Therefore, understanding the impact of price on customer behavior is crucial for companies to market their products or services effectively.
If you want to watch a free course that talks about price related to quality, and get a certificate after completing the course, I advise you to watch this course
Post a Comment
0Comments