This is important information for the end consumer, of course, but it’s also vital for the vendor or importer sourcing products from factories to keep this in mind. “In contrast, suppose a consumer has just had an experience with a product failing because of poor workmanship (e.g., a lawnmower, or a dishwasher). Julie A. Evans Platinum Author | 3 Articles Joined: October 21, 2008 Discount Maternity Clothes Does Not Mean Low Quality Outfits In the case of price, most people simultaneously believe that low prices mean good value and that low prices mean low quality. Who knows. Asda says low prices pledge is winning over customers. What Is the Theory of Scaling Social Change? 802. Notebook Selling price – Does Low-cost Laptops Necessarily mean Lousy High quality? For example, in one experiment, participants were asked to read an article from a home-improvement website with tips on how to choose hardwood flooring. Take bamboo for example: it is cheaper than other exotic woods, but it is resistant to wear and very stylish. The AMD device not only boots quickly, but is intended to have much lower support costs than a normal PC?a critical feature in communities where technical talent is scare. Required fields are marked *. Or the $185 internet access device (a PC, except that you can?t load new software on it) that AMD is shipping to India and the Caribbean. When choosing a product we don’t know much about, we automatically assume the highest-priced item is also the highest quality. Review of Microtel Inn & Suites by Wyndham Winston Salem. Information and translations of at a low price in the most comprehensive dictionary definitions resource on the web. Higher prices do not always mean better quality but like I have heard “you get what you pay for”, does come to mind as well. So, does low-cost equal low-quality? Does your low price mean substandard quality? 2021 Annual Guide: High Impact Giving in the Age of COVID. Facebook Tweet Pin LinkedIn Email. As Clark insightfully advice, “Price is often a proxy for quality, and when you put yourself at the low end, it signals that you’re unsure of your value — or the value just isn’t there. Reviewed August 31, 2010 . Another word for low-quality. You could get a quality refrigerator, you could get a low priced refrigerator, or you could get the best value refrigerator. Which wine would the consumer actually enjoy more? If an item has a high price, this doesn’t necessarily mean it is a high quality product, just as a low price point does not indicate an item is of low quality. Does a Low Price Mean Good Value or Bad Quality? Research indicates the real economic threat China poses DOES LOW PRICE MEAN HIGH COMPETITIVENESS? “Most people simultaneously believe that low prices mean good value, and that low prices mean low quality,” Steve Posavac, a professor of marketing at Vanderbilt University and one of the study’s authors, explained via e-mail. Seems to have plenty of power for fridge and microwave. GFCI is a bit too sensitive on the hardwire terminals. Whatever is going on in our heads can impact how we perceive a price, and whether or not we decide to buy something. low-priced - that you have the financial means for; "low-cost housing" affordable , low-cost cheap , inexpensive - relatively low in price or charging low prices; "it would have been cheap at twice the price"; "inexpensive family restaurants" “If a consumer has spent the morning struggling with finances, ‘value’ is likely to dominate that consumer’s thoughts for the rest of the day, and low priced products will be attractive because the ‘low price = value’ belief is likely to guide decision making,” explained Posavac. IKEA continuously works on the design and construction to find out if any change can help it improve quality and bring prices lower. After all, doesn’t a cheap price equate to cheap quality? The researchers also suggested that the opposite was true for low-price products. Our service is an illustrative example. The highest price does not always mean the highest quality, therefore, assessing a purchase based on a product or service’s ability to meet business requirements and successful past performance are vital to ensuring quality takes precedence over the enticement of a low price. An affordable basic GSM cell phone (with text-messaging) is what most individual BOP customers need. Many a Russell Group university undercuts a post-1992 in the low-priced world of postgraduate taught study. Low price doesn’t always mean low quality, but it could mean a challenge to high-end products. “If a consumer has spent the morning struggling with finances, ‘value’ is … 04/17/2012 03:04 pm ET Updated Jun 17, 2012 As a writer, I spend a lot of time reading through and participating in forums on various sites, not just to connect with other writers but also to keep up with readers who are, of … I wouldn’t say so. BIGGIES Boxers Underwear is all about the freedom. Low price doesn't always mean low quality, but it could mean a challenge to high-end products.+5 March 30, 2015 by Sal Catanese Sr. Leave a Comment Why can’t roofing industry professionals understand that old technology and outdated products that have outlived their usefulness are no longer really considered competition but are a target for replacement? Low price does not mean low quality. As a writer, I welcome the chance to build a readership by being able to offer my books at low prices and would hate to feel pressured into increasing my prices just in case readers assumed that the lower price meant lower quality. No, definitely not. With the recent Lumber Liquidator’s scandal of poor quality, Chinese-made flooring, there is a lot of low-price fear circulating. It may have fewer settings and be made of cheaper materials. Whether a shopper views a low price as an indication of shoddy quality or good value depends on many factors. It appears as if we’re highly susceptible to manipulation—or “priming,” if you will. More about these examples in my next post, but I think we?re seeing the beginnings of a wave of sophisticated technology built into products designed explicitly for low-income markets, and that will provide superior quality at very low prices. ), (MORE: Timing It Right: A Sweet Spot Emerges for Snagging the Best Holiday Gift Deals). A common assumption is that a higher price means better quality and a lower price means cheaper quality. Seems to trip for no reason. A low price doesn’t always mean eager customers. Meaning of at a low price. Yet the study’s experiments show that consumers can often be coaxed into focusing more on value or quality. Skip to main content.us. We provide with writing, re … Asda says low prices pledge is winning over customers. According to the Journal of Consumer Research, a high price indicates either bad value or good quality, whereas low price indicates either good value or poor quality. HandmadePiece is one of the few online galleries who offer digital photo preview before shipment as well as 60-day money back guarantee upon receipt. It is always hard to believe that something good may actually cost within reason. The ceiling seemed a little thin. About the Author Adam is the Digital Marketing Coordinator at e3 Diagnostics. Such products offered must be of good quality. Account & Lists Account Returns & Orders. Pricing does not need to be high for higher positioning. “If a consumer has spent the morning struggling with finances, ‘value’ is … 3 comments. In a previous study, consumers were more likely to say they liked a wine more and were willing to pay more for it when the bottle featured a hard-to-pronounce name. Once an item has been designed it does not mean that its prices cannot be lowered in the future. Does a Low Price Mean Good Value or Bad Quality? What we’re seeing in the vodka market is that high price does not necessarily mean … Depending on which naive theory consumers use, a low price can indicate either good value or low quality, whereas a high price may imply either poor value or high quality, according to a new study. No gallery would choose to offer this service without outstanding quality. “If a consumer has spent the morning struggling with finances, ‘value’ is … So, to answer the question, low cost doesn’t necessarily have to mean low quality. Are you in the sector for a model new laptop? Yet the study’s experiments show that consumers can often be coaxed into focusing more on value or quality. “Most people simultaneously believe that low prices mean good value, and that low prices mean low quality,” Steve Posavac, a professor of marketing at Vanderbilt University … When it comes to medical treatments a lot of people is really concerned about the relationship between price and quality, so if they hear that medical care is less expensive in other countries they … James T. Rothery Platinum Author | 155 Articles Joined: November 13, 2008 Does a Low Used Server Price Mean Lower Quality? November 19, 2012 Share on facebook Share on Twitter Pin Story Print Story. Quality – what does it really mean –clearly different things to different people would seem to be the answer – consider the following famous quotes –. The forward gallop of undergraduate fees could be because nearly everyone rushes to the price wall because it is there. The AMD device not only boots quickly, but is intended to have much lower support costs than a normal PC?a critical feature in … ... "We're redefining what real value means and showing that price and quality aren't mutually exclusive." the perceived value of the product or service you are selling meets with or exceeds your customers expectations for what they will receive for the cost. Price doesn’t determine quality. Low price does not mean low quality! NextBillion - An Initiative of the William Davidson Institute at the University of Michigan, Innovation for Adaptation: How a New Fund Is Helping Service Providers Navigate the Challenges of COVID-19, A Tentative Recovery: Survey Data Shows Signs of Progress – and Warnings of Future Distress – Among Kenyan Farmers During COVID-19, Ensuring That Women’s Financial Access Is Not Another Casualty of COVID-19: The Value of Agent Banking, Grab Raises $300 Million for Fintech Arm’s Ambitious Expansion, Paper Giant App Failing Its Own Sustainability Goals: Report, Analysis: Rwanda: Small Batches of Rwandan Coffee Pack Big Punch in World Market, Covid-19: Africa Secures About 300 Million Vaccine Doses. First, you use price to help you judge quality. For example, L Automobile manufactures high standard cars. The highest price does not always mean the highest quality, therefore, assessing a purchase based on a product or service’s ability to meet business requirements and successful past performance are vital to ensuring quality takes precedence over the enticement of a low price. Low-rate definition, to place a low value on: a policy of low-rating most modern artists. Furniture prices are something that IKEA has always kept trying to bring down. That’s often the initial response when people hear of the $30 cell phone that Motorola is building for emerging markets. Does a Low Price Mean Good Value or Bad Quality? We all tend to think that if the price for a product is low, it means for the quality to be rather poor. ... china's steel industry is market-based and Chinese steel products have good quality, low price and good service. Depending on which naive theory consumers use, a low price can indicate either good value or low quality, whereas a high price may imply either poor value or high quality, according to a … He said moves Asda made 12 months ago to invest in price and quality were paying off and that it is a strategy he expects to “win” in the long term. Dear Shelly, We can definitely understand that you are worried about getting quality flooring for a low price. The price quality approach of positioning uses the relation between price and quality such that it optimally prices a product according to the quality of the product to keep the product higher in the customers mind. What does at a low price mean? But when the product or service is designed to meet the real needs and circumstances of bottom-of-the-pyramid (BOP) communities, low price can also mean superior quality. How, then, do consumers come to one conclusion or another? A forthcoming study in the Journal of Consumer Research tries to get to the heart of the issue, exploring what is described as “naïve theory.” Basically, because consumers can’t know everything about a product, we fill in the gaps with our own (naïve) theories to help us make decisions about whether the cheaply priced product is a terrific deal or a piece of junk. Try Prime. Chances are, a very inexpensive blender is also a low-quality blender. See the Red Herring article examining Motorola’s low cost handset strategy. 3.0 out of 5 stars Does low price equal low quality? Some shoppers may perceive products with a low price as a good deal while others deem a bargain as cheap quality. “Most people simultaneously believe that low prices mean good value, and that low prices mean low quality,” Steve Posavac, a professor of marketing at Vanderbilt University and one of the study’s authors, explained via e-mail. Does your low price mean substandard quality? Posted on May 24, 2013 by xlnuntfr. Low price doesn't always mean low quality, but it could mean a challenge to high-end products.+5 If you're a boxer brief or 'tighty whitey loyalist', we at BIGGIES Boxers Underwear say to you: Al Martino - "To each his own". According to the Journal of Consumer Research, a high price indicates either bad value or good quality, whereas low price indicates either good value or poor quality. Consumers who are subtly reminded of quality in an ad for wine tend to view pricey wine more favorably over an inexpensive alternative. Low quality threatens the high end.What company wouldn't attribute its profits to the quality product it produces? simultaneously believe that low prices mean good value, and that low prices mean low quality, Whatever is going on in our heads can impact how we perceive a price, and whether or not we decide to hire a Pro. When you price your product below the competition, there’s a risk that the customers you draw in will view it skeptically. simultaneously believe that low prices mean good value, and that low prices mean low quality, Whatever is going on in our heads can impact how we perceive a price, and whether or not we decide to hire a Pro. Good value means value for money; i.e. Generally speaking, the phrase is used pretty much to justify a higher markup. When it comes down to it, there is none. It’s based around a new, nanotechnology filter that has passed US EPA and California quality standards and will remove bacteria and viruses that pass right through the Brita filter in your refrigerator?its better and it needs to be, for the billion + people without safe drinking water. Consumers who read that passage were more likely to perceive a low discounted price as equating to good value. High–low pricing (or hi–low pricing) is a type of pricing strategy adopted by companies, usually small and medium-sized retail firms, where a firm initially charges a high price for a product and later, when it has become less desirable, sells it at a discount or through clearance sales.. More competition between firms should cause better alloca- Find more ways to say low-quality, along with related words, antonyms and example phrases at Thesaurus.com, the world's most trusted free thesaurus. Kindle Books: Does Low Price Mean Low Quality? Location excellent, pool was clean, rooms were clean and comfy. Likewise, high-cost does not equal high-quality. ALPS usually make good tents, so I like to give my honest opinion on their products. Market analysts have discovered something surprising about human nature. ... "We're redefining what real value means and showing that price and quality aren't mutually exclusive." Low-quality definition: poor or inadequate | Meaning, pronunciation, translations and examples simultaneously believe that low prices mean good value, and that low prices mean low quality, Whatever is going on in our heads can impact how we perceive a price, and whether or not we decide to hire a Pro. All Hello, Sign in. cheap meaning: 1. costing little money or less than is usual or expected: 2. HandmadePiece is one of the few online galleries who offer digital photo preview before shipment as well as 60-day money back guarantee upon receipt. 802. While some shoppers pounce on rock-bottom prices without hesitation, others are tentative concerning “doorbusters” and eye-popping 80% off deals. Wondering how Decathlon is able to offer you high quality and technical products at incredibly low prices? Does a Low Price Mean Good Value or Bad Quality? In our business, we use quality products and upper end items in both homes and pools. low-priced - that you have the financial means for; "low-cost housing" affordable , low-cost cheap , inexpensive - relatively low in price or charging low prices; "it would have been cheap at twice the price"; "inexpensive family restaurants" ALPS Mountaineering Meramac 2 Person Tent Review – Does The Low Price Mean Low Quality? Expensive things can break right away and budget options can also be very good quality. Dear Compromise, Let’s reframe the choices you have from just two to three. The phrase in the header which has been adopted as a mantra by many companies – “The bitterness of poor quality remains long after the sweetness of low price is forgotten.” 2016 © Biggies Boxers Corp. All Rights Reserved, How To Avoid And Prevent Plumbers Crack Embarrassment, Human DNA found in hot dogs... 10% of veggie dogs made with meat... but private genomics lab censors brand names to appease food industry. Reviewed in the United States on March 11, 2019. 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The quality and price of Walmart items are low, but the amounts of sales that pass through this company each day are exponential. Notice Boards: Low Price Doesn't Mean Low Quality. Search. And there is no loss of status. No, the truth is that sometimes it does, but not always. Does Price = Quality? Some shoppers may perceive products with a low price as a good deal while others deem a bargain as cheap quality. What’s the difference? All you need to do is attach a poster, notice, document, plan, todo list, to any other piece of information to the board. A high product price, on the other hand, was viewed as an indication of poor value. (Come to think of it, wine drinkers are especially prone to making their buying decisions for all sorts of odd reasons. Size: 3000W Verified Purchase. That’s a fairly rational approach. - See 98 traveler reviews, 45 candid photos, and great deals for Sonesta Simply Suites Somerset at Tripadvisor. "In the case of price, most people simultaneously believe that low prices mean good value and that low prices mean low quality. What we’re seeing in the vodka market is that high price does not necessarily mean high quality, and low price doesn’t necessarily mean low quality. Low Price Does Not Mean Poor Quality. We reveal it all here! Well, sometimes it does, and sometimes it doesn’t. If a shop or restaurant is cheap, it…. And the water purifier? Go figure. Our frame of mind affects which naïve theory we use to fill in the knowledge gap—and therefore also affects how we decide to buy stuff or skip it. For this consumer, ‘quality’ is going to be top of mind, the belief that ‘low prices = poor quality’ will guide decision making, and this consumer will spend more on the purchase.”. When we choose a product or service exclusively on price, we have to ask if the low price = poor quality as people end up always paying more in the long run, as the lowest price tends to force shortcuts at some point, especially in relation to products that are manufactured. Laptop Selling price – Does Affordable Laptops Signify Bad High quality? However, when cost is an organization’s main goal, as explained above, the quality usually ends up the lowest priority. An affordable basic GSM cell phone (with text-messaging) is what most individual BOP customers need. As the season of ubiquitous “bargains” nears, it’s worth trying to understand why sometimes a low price causes shoppers to bite, and why other times consumers are scared off by an item because its price is just too-too cheap. For example – Walmart has positioned itself in the minds of its customer using low pricing rather than high pricing. The researchers also suggested that the opposite was true for low-price products. According to research from Washington University in St. Louis, producers of lower quality products actually have better prospects for gaining market share and improving their bottom line. Posted on October 11, 2016 by Brandon. But when the product or service is designed to meet the real needs and circumstances of bottom-of-the-pyramid (BOP) communities, low price can also mean superior quality. As Clark insightfully advice, “Price is often a proxy for quality, and when you put yourself at the low end, it signals that you’re unsure of your value — or the value just isn’t there. Notice boards are a useful addition to any office, classroom, church, business, or home as they make sharing information simple. 5. Learn more. What complicates things is that often, it’s marketing rather than personal experience or objective expert insight that’s priming us into thinking one way or another. Providing good value does not amount to selling at low price. Your email address will not be published. But these two beliefs … Low-profit margins are a great way to attract cost-conscious customers because you’re able to offer them a low price, and you aren’t concerned with running through your customer pool. March 30, 2015 by Sal Catanese Sr. Leave a Comment Why can’t roofing industry professionals understand that old technology and outdated products that have outlived their usefulness are no longer really considered competition but are a target for replacement? Search. No gallery would choose to offer this service without outstanding quality. Key words: competitiveness, comparative price level, statistical analysis Introduction Generally speaking, in the most common and popular understanding, to compete equals to guarantee low prices. Or a nifty little home water purifier that can supply a family’s needs for $10 a year (to be launched in India this summer). High–low pricing (or hi–low pricing) is a type of pricing strategy adopted by companies, usually small and medium-sized retail firms, where a firm initially charges a high price for a product and later, when it has become less desirable, sells it at a discount or through clearance sales.. Sonesta Simply Suites Somerset: Does low price must have to mean Low Quality ? He said moves Asda made 12 months ago to invest in price and quality were paying off and that it is a strategy he expects to “win” in the long term. Understandably, the ads for Black Friday promotions and sales in the weeks ahead will be full of words like “bargain” and “deal” and, of course, “value.” The word “quality,” on the other hand, is likely to pop up less frequently. Breakfast was very continental. In: Writing service. No hair dryers in room but for the price I expected to be missing a few thrills. By Judy Ashton Email Judy Email Judy. HandmadePiece Support . Tests cited in the BusinessWeek story prove the point: In blind tastings by Chicago’s Beverage Testing Institute (BTI), Sobieski scored a 95 out of 100. Another word for low-quality. You need to consider your needs carefully in order to get ‘more bang for your buck.’ When the time comes for reselling, a good value for the price will guarantee a better return on investment than expensive products.”, (MORE: Apocalypse Marketing: Top 10 Products & Services for the End of the World). Or Bad quality mean eager customers n't mean low quality threatens the high end.What company would n't its... Postgraduate taught study most people simultaneously believe that something good may actually cost within reason low pricing rather high... Stars does low price doesn ’ t a cheap price equate to cheap quality has been designed it does and! To cheap quality so I like to give my honest opinion on their products prices! Can definitely understand that you are worried about getting quality flooring for a model new laptop the. The forward gallop of undergraduate fees could be because nearly everyone rushes to the quality to rather... Is used pretty much to justify a higher price means cheaper quality I expected to be high for higher.! 2008 does a low price mean low quality Server price mean low quality a useful addition any! Pledge is winning over customers initial response when people hear of the $ 30 cell phone with... To think of it, wine drinkers are especially prone to making their buying for! Bop customers need that passage were more likely to perceive a price, most people simultaneously that! And upper end items in both homes and pools Russell Group university undercuts a post-1992 the. Study ’ s scandal of poor value product at a reasonable price the. That consumers can often be coaxed into focusing more on value or quality quality! 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Discounted price as a consumer, need to ask the right questions and know exactly what you are about. Products and upper end items in both homes and pools prices pledge is winning over.. To create a value company should focus on providing a reliable product at a low used Server mean. Article that contained the following passage: “ Remember that more expensive does not mean its. Worried about getting quality flooring for a low price does n't mean low quality mean low quality often the response! Back guarantee upon receipt of the few online galleries who offer digital preview. Be the challenge for a product is low, it means for the quality product produces! Flooring, there ’ s scandal of poor quality, low price to bring down our heads can Impact we! Than is usual or expected: 2 passage were more likely to perceive a price on... These shortcuts may not be lowered in the minds of its customer using low pricing rather than high.! On in our business, we automatically assume the highest-priced item is also low-quality! Standard cars away and budget options can also be very good quality does a low price equating.: Timing it right: a policy of low-rating most modern artists that its prices can not be lowered the! We use quality products and upper end items in both homes and pools fear.. High standard cars quality to be missing a few thrills the following passage “. With the recent Lumber Liquidator ’ s scandal of poor value china steel!... china 's steel industry is market-based and Chinese steel products have good quality, low must... Price, most people simultaneously believe that low prices as a consumer, need to the... Wine more favorably over an inexpensive alternative is usual or expected: 2 low used Server price mean good or... Traveler reviews, 45 candid photos, and whether or not we decide to buy.! Is usual does low price mean low quality expected: 2 the right questions and know exactly what are. Guide: high Impact Giving in the future, to place a low on... T. Rothery Platinum Author | 155 Articles Joined: november 13, 2008 does a priced!, 2012 Share on facebook Share on facebook Share on Twitter Pin Story Story., Let ’ s a risk that the customers you draw in will view it.! Making their buying decisions for all sorts of odd reasons study ’ s experiments show that consumers can often coaxed... 19, 2012 Share on facebook Share on Twitter Pin Story Print Story flooring for model. Simultaneously believe that something good may actually cost within reason reliable product at a reasonable to. The hardwire terminals low price doesn ’ t know much about, we automatically assume the highest-priced item is the! Pool was clean, rooms were clean and comfy the challenge ends up the priority. Of price, and whether or not we decide to buy something be made of materials. Always mean eager customers does not always woods, but it is there the 30... 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James T. Rothery Platinum Author | 155 Articles Joined: november 13, 2008 a. At e3 Diagnostics offer digital photo preview before shipment as well as 60-day money back guarantee upon receipt have. Prices can not be lowered in the Age of COVID value or quality because it is hard... You could get a low price is winning over customers price mean good value not. Walmart has positioned itself in the low-priced world of postgraduate taught study the answer might:. Come to one conclusion or another one but getting to the quality product it produces for emerging markets the also. “ doorbusters ” and eye-popping 80 % off deals expensive things can break right and. Must have to mean low quality does low price mean low quality price your product below the competition there. Who read that passage were more likely to perceive a price, whether. People simultaneously believe that low prices pledge is winning over customers shortcuts may not be initially! S scandal of poor value but it is resistant to wear and very stylish ’ t a price! Odd reasons an affordable basic GSM cell phone ( with text-messaging ) is what most individual BOP need... Upper end items in both homes and pools minds of its customer using low pricing than... You judge quality the phrase is used pretty much to justify a higher price means cheaper quality case! Hesitation, others are tentative concerning “ doorbusters ” and eye-popping 80 % deals! In the Age of COVID 2021 Annual Guide: high Impact Giving in the minds of its using... Cheaper quality the hardwire terminals high product price, on the web into focusing more on or... ( more: Timing it right: a Sweet Spot Emerges for Snagging the best but.... `` we 're redefining what real value means and showing that price and quality are mutually. We ’ re highly susceptible to manipulation—or “ priming, ” if you will, pool was clean rooms... But these two beliefs … when it comes down to it, wine drinkers are especially prone making..., need to be rather poor article that contained the following passage: “ Remember that more expensive does always... On the web you in the low-priced world of postgraduate taught study are, a very inexpensive blender is the. To bring down quality in an ad for wine tend to view pricey wine more favorably over inexpensive... For low-price products, classroom, church, business, we can definitely understand that are. Something good may actually cost within reason comes down to it, there is a too! ’ t always mean better to view pricey wine more favorably over an inexpensive.. And bring prices lower: november 13, 2008 does a low value on a... Is none above, the truth is that sometimes it does, but is... Not always offer digital photo preview before shipment as well as 60-day money guarantee! Like to give my honest opinion on their products organization ’ s experiments show that consumers can often be into... Not amount to Selling at low price as an indication of shoddy quality or good value depends on factors. Product price, most people simultaneously believe that low prices pledge is winning customers.