tag:blogger.com,1999:blog-5822238157430691095.post163374586483871416..comments2024-02-25T18:21:12.610-05:00Comments on Customer Value in the Now Economy: How to Stop Customers from Fixating on Price by Ajay K. Sirsi * [40] Art Weinsteinhttp://www.blogger.com/profile/05011519859160178160noreply@blogger.comBlogger35125tag:blogger.com,1999:blog-5822238157430691095.post-91924286211577251252024-02-02T21:41:42.614-05:002024-02-02T21:41:42.614-05:00It is an interesting point that you unveil about t...It is an interesting point that you unveil about the importance of the multiple aspects necessary to provide rationalization for a cost. I enjoyed how this article highlights the need to quantify value instead of simply communicating customer value. This can be done by providing actual statistics that customers may find important and useful like longevity and efficiency of the product. Suraj Dhttps://www.blogger.com/profile/16207006446612147675noreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-35912042014166785022024-02-02T19:54:05.718-05:002024-02-02T19:54:05.718-05:00It's impressive how these upscale retail estab...It's impressive how these upscale retail establishments manage to attract such a large customer base for their expensive merchandise. I enjoyed how the article made it highly apparent that there is a large gap between an item's cost and a company's worth. Many individuals believe that a product is inferior and short-lived just because it is not a known brand. Conversely, some individuals believe that just because a product is a name brand, they need to use it less and with additional caution. This article explains how to persuade consumers to change their minds and place more emphasis on the product's quality rather than its price.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-57623114565653382532024-02-01T16:10:18.375-05:002024-02-01T16:10:18.375-05:00I am a non-marketing major and am still familiariz...I am a non-marketing major and am still familiarizing myself with the world of marketing. Because of that, this is something I have never personally thought about before. It was shocking to me that while reading this I was able to relate to this even in my personal life. When the quality and worth of something is conveyed to me effectively I care far less about price. I think also a lot of people in the marketing field are aware of the need to have quality products but I like that this article emphasizes the importance of projecting that quality and value to the customer. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-11983020296668018872024-02-01T16:06:49.253-05:002024-02-01T16:06:49.253-05:00I am a non-marketing major and am not very familia...I am a non-marketing major and am not very familiar with the marketing world yet so this was incredibly interesting to me. Personally at most of the general stores I shop at price is the first thing I look at. But in a higher end store I may look at the price but I am far more willing to look past it because of the quality of the products. I just think articles like these that make you realize the immediate personal impact are surprising and useful on a larger scale.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-12161390327384542992024-01-29T22:20:25.718-05:002024-01-29T22:20:25.718-05:00I never truly thought about how business can chang...I never truly thought about how business can change a customer's interaction with price. I thought that customers have their own ideas about price and that was the end of it. Instead, this article explained ways businesses can interact with a person's price perception. They have to make the customer believe that their product is worth the price, whatever it may be. The quote at the end sealed it for me: "Customers do not fixate on price because it is their nature. We make them behave like this by failing to shift their focus to the value we create for them." This is the ideology top-end brands have and it works. Companies with a negative mindset that their customers are price-insensitive are just lying to themselves. Their customers are only a reflection of the quality the companies put out.Ezekiel Goldsteinhttps://www.blogger.com/profile/11065312349869686098noreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-444079503077600402024-01-29T12:09:07.084-05:002024-01-29T12:09:07.084-05:00This article offered great insight into how to pro...This article offered great insight into how to properly market and position yourself as a company. Sometimes, I as a customer can agree that things seem to expensive. For example, paying $40 for a piece of clothing from TJ-Maxx seems expensive to me whereas a piece of clothing from Lululemon that is $40 seems like a great deal. Regardless of if both products and were leggings made of the same material, the TJ-Maxx leggings do not hold as much customer value in my eyes and for that reason I would not wait in a long line for them whereas if Lululemon offered that deal I would wait. Lululemon claims that they offer the maximum level of innovation, stretch, sweat and odor resistance, and claim to have longevity and therefore hold value in my eyes. If TJ-Maxx did the same and communicated the value of their products, I would not fixate on the cost of those leggings and would probably be more willing to spend that amount of money on them. This is not a perspective I thought in before, and it is very interesting how many mind games marketing tactics can play. Thank you for sharing.Mahi Patelnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-874834897801884312024-01-29T10:46:12.240-05:002024-01-29T10:46:12.240-05:00You're right, clients' fixation on prices ...You're right, clients' fixation on prices is a reflection of a business' lack of creating and communicating value. This article re-ignited my energy and plan to set set prices for the services I render and to influence clients to focus on other essential aspects to sale to them. What an informative read!Cassandra Morman M.S. Ed.https://facebook.com/collegeprepeslnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-19653685668099990192023-11-05T20:02:08.564-05:002023-11-05T20:02:08.564-05:00This article makes me think of businesses and thei...This article makes me think of businesses and their value from a different perspective. Business are definitely able to price their products and services at a significantly higher price point when some sort of luxury or high status is assposiatcted either with the individual product or the brand as whole. It is interesting to see this side of pricing from this perspective. It emphases the crucial need for creating true value and ensuing customers can see it. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-31693242419045344872023-11-01T13:05:36.043-04:002023-11-01T13:05:36.043-04:00I like how to article discussed how business are r...I like how to article discussed how business are required to communication customer value. Creating customer value is not enough to create price insensitivity. Sales , advertising, and marketing are all becoming increasingly important it today's business models. These departments specialize in understanding how to best reach the customer and tell them the benefits in an unbiased, yet convincing way.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-17581308630110790052023-11-01T13:01:23.188-04:002023-11-01T13:01:23.188-04:00I enjoyed the discussion on how communication crea...I enjoyed the discussion on how communication creates customer value. Sales is such an important part of business because these are the people that entice customers and show the true value of a company's products. Like it was mentioned in the article, simply creating the customer value itself is not enough to make your prices insensitive. There has a to be a channel that allows the customer to understand why your products are worth it at the price you decide.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-24511512946803561402023-09-24T23:25:32.052-04:002023-09-24T23:25:32.052-04:00I think this really puts into perspective how to m...I think this really puts into perspective how to make consumers want a product. It's not enough just to mention that one's product has some better quality and that is all. It's important for companies to show those benefits, either through quantifiable data or in a way that shows superiority through actual facts. This is why we tend to buy more expensive items, not because they cost more but because we see the benefits that companies offer with the product, whether it's prestige or a better product. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-68867997811438084742023-09-22T18:14:13.356-04:002023-09-22T18:14:13.356-04:00I think this is so a different from many thing is ...I think this is so a different from many thing is the most effective marketing and advertising plan of advertising everything as cheaper. It is interesting to see that customers don't focus on price first but on the quality of products then it lead me to think about what I look for first in products before purchasing and it mostly likely isn't price but quality and longevity. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-3444422381037012272023-09-22T17:36:47.782-04:002023-09-22T17:36:47.782-04:00I feel like business' are able to charge more ...I feel like business' are able to charge more when people think that there is some sort of prestige associated with the product. If a product is considered trendy then people are more likely to buy it especially if they see others in popular media with the product. Things like the queue to get into the store cause people to automatically think that the items in the store will be worth a lot/ have a really high value -which adds to the trendiness off the product.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-87436170700456295532023-09-22T12:55:46.982-04:002023-09-22T12:55:46.982-04:00Consumers are consistently drawn to high-end luxur...Consumers are consistently drawn to high-end luxury products, not only because of the status associated with the brand but also for the quality and benefits these products offer. It's common to witness consumers saving up to purchase a product they genuinely need, recognizing that the higher price tag often corresponds to a level of quality that ensures longevity and durability. The fact is that consumers are not price-sensitive rather, they prioritize the quality and longevity of items that eliminate the need for frequent replacements, which ultimately causes a more significant cost than initially investing in a luxury item. Consequently, businesses that perceive their products as being overlooked due to their price point should focus on effectively conveying the quality and reliability of their product.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-30983306375239918412023-09-21T10:44:59.429-04:002023-09-21T10:44:59.429-04:00All of us are customers and consumers, and we eval...All of us are customers and consumers, and we evaluate whether we should purchase a product or service all the time. We compare prices and other benefits of the product. Comparing to B2B shows how similar the experiences are. Dr. Sirsi clearly explains the reasonings and explanations behind it, and they can be seen in the USA. Even though semiconductor chips for electronics are cheaper overseas, the government and many companies are pushing for in-state manufacturing. This is because there is a higher sense of security from the in-state version of supply.Anirudh Gopalamnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-62033592531387211982023-06-14T10:57:56.049-04:002023-06-14T10:57:56.049-04:00I liked the perspective the author gave in this ar...I liked the perspective the author gave in this article. Instead of following the myths associated with cost, the author educated us by providing ways to justify why the product or service is worth the price. A lot of times companies reduce their price to stay afloat with the competition rather than adding an extra perk or two to entice the customer. Many other factors go into a consumers decision to purchase a product than just its price, why not shine light on your product’s quality. In the end it’s a win for the consumer and your company. Anysh. Gnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-81856345775521451732023-05-01T12:21:23.319-04:002023-05-01T12:21:23.319-04:00This article has opened my eyes to the fact they a...This article has opened my eyes to the fact they are more focused on demonstrating the value that they create, such as workmanship, customer service, dependability, and credibility, so high end businesses are able to charge such high prices for their goods and still draw in customers.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-58383966846684144352023-04-12T08:48:18.419-04:002023-04-12T08:48:18.419-04:00I was surprised to learn that customers and organi...I was surprised to learn that customers and organizations frequently prioritize value over money. Once I had done reading this discussion, this idea made sense. It makes me think of getting a smartphone. When looking for a new smartphone, buyers are more concerned with a brand's reputation and implied values than with the actual pricing in relation to the competition.Victoria Constantinnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-64331005173173276812023-04-07T22:47:35.878-04:002023-04-07T22:47:35.878-04:00This opened my eyes to a lot of nuances in marketi...This opened my eyes to a lot of nuances in marketing. Very informative. I believe this imformation is useful, but at the same time, as a start-up business, it is still hard to get consumers to trust your product and marketing when you dont have much renown or any method to back-up the claims you may state. This may be leading to the over-emphasis on price - a tangible, and concrete number that is able to be easily compared to other brands(luxury or not).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-81990454111828072812023-04-07T22:25:05.402-04:002023-04-07T22:25:05.402-04:00This article was had very good points when it come...This article was had very good points when it comes the outlook of consumers fixation on prices but I also feel as though most customers including myself fixate on price due to our various upbringings or our financial situation at the moment while shopping. With social media today most costumers have a fixation with higher end products. The more exclusive these higher end stores make their products the more people want them, which allows for them to have even have a waitlist to get into stores as opposed to lower end stores. Social media has pushed for most consumers to want exclusive items and higher end brands provide these benefits like you pointed out. Overall I agree with this article just sharing a few of my insights as well. Great article!Nia Snoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-7507138190156635582023-04-06T18:17:57.895-04:002023-04-06T18:17:57.895-04:00It is amazing how those high-end retail stores are...It is amazing how those high-end retail stores are able to garner so much interest in their product despite the high price of the products. Those companies do such a great job marketing their product and in a way making it feel like they do not need the consumer, rather the consumer needs their product. This strategy creates more demand for a limited amount of high end product that most consumers are willing to forget about the price tag in search of gaining social status from the purchase. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-40043798397685912662023-04-06T15:04:44.546-04:002023-04-06T15:04:44.546-04:00This was a very interesting article to read becaus...This was a very interesting article to read because it explained a common thought process that people have and why it is not always correct. High end companies are able to price their items so high and still attract customers because they are more focused on showing the value that is created by them such as quality, service, reliability, and trust. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-69226958819248806582023-04-06T09:56:21.111-04:002023-04-06T09:56:21.111-04:00I think that this article is very interesting beca...I think that this article is very interesting because it explains a common way of thinking and then shows why that is not actually the case. It makes sense that high end companies are able to charge high prices and they still attract a lot of customers. There is a very big difference between the cost of an item and the value of a company and I like how the article made it very clear. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-63665131346715615902023-04-06T09:23:48.751-04:002023-04-06T09:23:48.751-04:00This article stood out to me because I tend to hav...This article stood out to me because I tend to have this thought process when shopping too. Many people assume just because a product is not name brand it is cheap and will not last long. On the other hand, some people think that because a product is name brand, they have to be extra careful and rarely use the item. This article shows how you can get the customers to stop thinking that way, and focus more on the quality of the product regardless of the price.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5822238157430691095.post-63255159990338197952023-04-06T09:23:13.550-04:002023-04-06T09:23:13.550-04:00This article stood out to me because I tend to hav...This article stood out to me because I tend to have this thought process when shopping too. Many people assume just because a product is not name brand it is cheap and will not last long. On the other hand, some people think that because a product is name brand, they have to be extra careful and rarely use the item. This article shows how you can get the customers to stop thinking that way, and focus more on the quality of the product regardless of the price.Anonymousnoreply@blogger.com