Do Price and Quality go hand in hand?
We know that they don’t, but as consumers, we aren’t always rational.
When lacking other information, our minds have been conditioned to take the mental shortcut.
Higher price equals higher quality.
Was watching DVR of Top Chef the other night (I’ve used this show as a reference before as a guest blogger).The blindfolded contestants had to identify which of the comparable ingredients were higher quality.
On the screen, however, we were flashed only the item name and it’s price.
The assumption is that the more expensive item is higher quality, of course.
Potential lesson: remember this when pricing your product or service.