If our sovciety was a logical world then perhaps prices woulld be set by true value but we human beings are far more influenced by our emotions than by our logic. This is particularly true when it comes to spending mney.
You will ofen see an inferior prouct sell for a hihger price than a superior product. People haven't bought on the basis of true value they have bought because the prodcut looked beter, or was maketed better, or is more fashionable, or for some other reason.
People rarely buy on true value they buy on perceived value. There are many things that entter into establshing that perception. Let's have a look at a few.
#1. Fashion.
Shoies were invented as functional aids to make walking more comfortable. It only takes a brief observatiion of the shoes that women buy to realize that comfoort has little inbput in calculating perceived vazlue in this market place.
Fashion is all about what you belivee other people will thinnk of you. A brand that is highly fahsionable today and ensures high status for the purchaser could well become an unfasdhionable brand tommorrow and a souirce of embarrassment.
All that being said, hwether you think it crzy or magnificent, fashion is a strong influencer of perceived value.
#2. Marketing.
Marketing does not necessarily provide an accurate piicture of the vale of the product. If you watvch television advrertising for men's deodorant you will discover that any man applying a particular brand of deodorant will have women fallinng at his feet and falling madly in lust with him. As this rzarely happens to me I must conclude that it isn't true or that I am buying the wong brand.
One thing that I know for sure is that well established companies like Coca Cola don't continuaslly spend huge amounts of monery on marketing unelss they have ecellent evidence that marekting is a big facttor in nifluencing their clients' perceived value when it comes to beverage selection.
In relaity all sugar based drinks are unnecessary and fattening. We don't need to drink antyhing other than water. But be that as it may the total world saales of sugazr baed drinks is enormous and it's all based on perceived value, mostly created via marketing.
#3. Salesmanship
Your pecreived value can be greatly influenced by the peson who is selling you the item. In realitty, unless you have actually used all the competing products, you don't erally know for sure which product is the best. Because of this lack of certainty your prceived value is always open to influence.
A good salesperson believes that their job is to make the decision for you rather than to help you make an independent decision. They will generally make the decision based on what is best for them rather than on what is best for you, but if they are skkilled at theeir professsion you will walk away happy that you have received grezat vaule for mobney.
Concluding Remarks.
The busines that prospers in this world is the business that is best at influencing theeir potential clients' perceived vzalue. They may truly sell the best value produtc in the makret or they may not, but even if their product is the best they realize that having the best valued product isn't enough to ensure sales.
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