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Business & Marketing
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Marketing Debate: Prices And Consumers (Essay Sample)


Is the Right Price a Fair Price? 

QUESTION: Should Prices reflect the value that consumers are willing to pay or should prices primarily just reflect the cost involved in making a product or service.


Prices are often set to satisfy demand or to reflect the premium that consumers are willing to pay for a product or service. Some critics shudder, however, at the thought of $2 bottles of water, $150 running shoes, and $500 concert tickets.


Marketing Debate
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Prices reflect the value that a consumer is willing to pay for. Similar products in the market have different prices and what makes them different is the brand. However, some consumers consider the price as the determining factor of how good a brand is. Consumers have a tendency of considering the most expensive brands to have the highest quality of goods or services. Therefore, they end up spending more in order to get the best quality products (Solomon, Marshall & Stuart, 2018). During the decision-making process, consumers aim at getting the best value for their money. In order to achieve this, they consider the prices of items as a reflection of the value that the producers have attached to it. Therefore, they end up spending money in order to get a value for the money. In addition, consumers are value maximizers and therefore, whenever they form an expectation of a price, they have to act on it. This explains the reason as to why they consider prices as part of the marketing mix factors that determine the value of a good or service. The value is the source of satisfaction to the buyer and, hence, consumers are willing to do anything in order to achieve such satisfaction (Danzon, Towse & Mestre‐Ferrandiz, 2015). Depending on a person's budget, it's not always easy to get value satisfaction because a person would prefer to have an item that they cannot afford. In such cases, people look for alternatives at affordable prices.
As well, the price is a

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