LESSON 8 = PRICE
A typical Nigerian always wants to get the best product at the lowest possible price, however some others just want to get the most expensive product the market has to offer. What determines the price of a product? Name? Quality? Or both?
Believe it or not but all right thinking individuals would love to see the value of what they are paying for. So this brings us to the question? Is a BB Porsche worth over N200,000? Should you pay N114,000 for an 8gb IPhone 5C?
Below are some factors that should be considered before you break the bank for a product.
* Materials - you would agree that a phone made of aluminium or steel should cost more than a plastic shell or frame.
* Customer Satisfaction - every year CNET and other sites conduct customer satisfaction survey and the results can be found online. Do your research and fine out the most reliable brands.
* Design - the design, the innovation, the the research done before a product is put in the market affects its price. To know if a brand is innovative, ask yourself 'what does this product offer that beats the competition at this price?'. If it offers more useful stuffs and same price? Then its worth it.
* Specs - what RAM, Screen, ROM, camera, CPU, battery and OS does the phone come with? The better the specs the more you should be willing to shell out.
Note: quality and durability are both skipped as these are the areas the customer satisfaction survey focuses on. The name factor is seen as irrelevant to the price of a product. As i have seen from experience Samsung is number one, but could you rank them same way based on durability of products? Hardly.
The importance of a branded product is relative to time and subject to history. Past experiences with brands shapes our view of them, but should it blind us so as not to notice newer brands practicing the YPFWYG (you pay for what you get) principle?