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The prices at which products are offered in the market place is primarily a result of the forces of demand and supply. On another hand, the price of a product could be set by a manufacturer or marketer of a given product with great disregard of the principles of demand and supply while taking his decision.
If between the mentioned reasons, businesses still thrive, it could be true to conclude that no one patronizes a product because the price is high or low. Patronizing a product turns out to be solely a reason of necessity, affluence and most times personal ego. In the business world, it an acceptable phenomenon for a product to have different prices at different places. On that note, individuals can offer products at different prices comfortably with only one thing attached to it-packaging. People do respond to products more due to its packaging. Many refer to different price regimes in the following ways.
Low price - Looks cheap and made for every Tom, Dick and Harry.
Middle price - Meant for the newly rich and wannabes.
High price - A special preserve of the super rich.
It is now left for the manufacturer or the marketer to identify who his products suits most, package the product to conform to their taste and offer it at a price suitable to their class. If packaging is a tool at the disposal of manufacturers or marketers to push a product into the market, offering such a product at a reasonably high price is commendable.
When products are offered at a highly price, your profit margin moves northwards while it still retains the classy tag. More importantly, you will have a lesser number of clients to deal with and may not need so many branch networks.
Price profiteering principle allows one to concentrate attention on the few clients at his or her disposal. When clients are offered a high level of attention, they feel important and appreciated. They thus form an unsolicited advertisement for the said product and business while pledging you their patronage.
