Higher the Price Better the Quality: Myth or Reality?
HIGHER THE PRICE, BETTER THE QUALITY
Is it a Myth or Reality?
Survey Overview: Our survey has had 94 responses based on which we’ve derived various conclusions on how the chemistry between prices and quality work when choosing a product. We conducted a survey monitoring over 4 major sectors of regular application in our lives, them being FMCG, Apparels, Consumer Durables which include Laptops and Mobiles.
Result Analysis (Based on Age Groups)
FMCG industry: The younger age group in the bracket of 18-24 have aligned price and quality on the same side. Given the general perceptions existing in the young minds, for this category and the age group, higher the price has meant higher quality. It’s a lesson for the companies to release products with market or above market prices to carve a niche qualitative position in the market.
For the older age group (25 and above), the responses, though less, were more or less along similar choices. Even for the matured age group, a better product is perceived to be priced higher in comparison.
Apparel Industry: In this sector, even if higher prices have again signalled better quality in the minds of 18-24 year olds, there is a distinct preference of brands for some. There was a deep analysis of the prices and quality factor between Levi’s and Flying Machine which both ended up close in almost every factor. Similar lessons for companies in the apparel sector as the FMCG sector putting price and quality directly proportional to each other.
For the age group above 25, the apparel industry pointed towards starkly contrasting results. Here, it is the quality aspect of the product that seems much more important than any brand loyalty or price. Even if some believe Levi’s is the more expensive of the options, Flying Machine was consistently analysed to be a product of better repute in terms of quality.
Consumer Durables: In this sector, for the assumed age group results point towards brand loyalty and specifications of
Is it a Myth or Reality?
Survey Overview: Our survey has had 94 responses based on which we’ve derived various conclusions on how the chemistry between prices and quality work when choosing a product. We conducted a survey monitoring over 4 major sectors of regular application in our lives, them being FMCG, Apparels, Consumer Durables which include Laptops and Mobiles.
Result Analysis (Based on Age Groups)
FMCG industry: The younger age group in the bracket of 18-24 have aligned price and quality on the same side. Given the general perceptions existing in the young minds, for this category and the age group, higher the price has meant higher quality. It’s a lesson for the companies to release products with market or above market prices to carve a niche qualitative position in the market.
For the older age group (25 and above), the responses, though less, were more or less along similar choices. Even for the matured age group, a better product is perceived to be priced higher in comparison.
Apparel Industry: In this sector, even if higher prices have again signalled better quality in the minds of 18-24 year olds, there is a distinct preference of brands for some. There was a deep analysis of the prices and quality factor between Levi’s and Flying Machine which both ended up close in almost every factor. Similar lessons for companies in the apparel sector as the FMCG sector putting price and quality directly proportional to each other.
For the age group above 25, the apparel industry pointed towards starkly contrasting results. Here, it is the quality aspect of the product that seems much more important than any brand loyalty or price. Even if some believe Levi’s is the more expensive of the options, Flying Machine was consistently analysed to be a product of better repute in terms of quality.
Consumer Durables: In this sector, for the assumed age group results point towards brand loyalty and specifications of