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It was a long time ago when I read an article in TimeMagazine about the Polo products. In the interview, Polo owner Ralph Lauren
said that he cannot lower the price tag of his products because making them
cheaper will lose the touch of class. That got me thinking that maybe the cost
of the product is not just about vis-a-vis the cost of production but more of a
marketing strategy. It means that a product can be sold at an exorbitant price
and reap prestige along the way. But it’s not that simple because well-known
products that are expensive have spent a lot in advertising to build up their
brand name. Take the case of Apple products particularly the iPhone? Do I need
to say more?
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Henrywrites
He further explained to me that this is a trick someone that wants to make it big and sells at a place that the wealthy are living by making the prices of their products quite expensive so as to attract these rich people which will, in turn, make him, the seller, maximize his profits. So, I think that it is something that is possible and has been paying off for most companies. I first heard about making products expensive so as to attract the big earners from purchasing it. He gave the analysis using the Apple iPhones by saying that these phones are so as to attract the big spenders and give them that mindset that they are using a product that is not at the level of others. He further explained to me that this is a trick someone that wants to make it big and sells at a place that the wealthy are living by making the prices of their products quite expensive so as to attract these rich people which will, in turn, make him, the seller, maximize his profits. So, I think that it is something that is possible and has been paying off for most companies.
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