Quality vs Price

Topics: Price, Want, Cost Pages: 3 (1054 words) Published: November 12, 2009
Quality versus price. Different perspectives
To understand better the fact of what we are supposed to talk about, we need to understand first the terms. What does it mean quality, and what does it mean price? Price is the sum or amount of money or its equivalent for which anything is bought, sold, or offered for sale. According to these definitions, we can see the connection between these two terms. The first thing that I’ve found out in economics was: man has unlimited needs and limited resources. With quality and price, the common factor is the need. Man is buying because he wants to satisfy his need. In order to do that, the product bought needs to have some characteristics. Because of the limited budget, people have to decide how to find in a product the right what they need. One can choose a product over another, just because the other one is red. Everything counts, the price and the quality. Do Price and Quality go hand in hand?

We know that they don't, but as consumers, we aren't always rational. When lacking other information, our minds have been conditioned to take the mental shortcut. Higher price equals higher quality.

In our days, our thinking is that if the product is expensive, the product has a high quality. But, unfortunately, this isn’t necessary true. A product can be cheaper that another one and in the same time better than it. I heard a lot the next phrase:” i don't hesitate to spend money when I have the feeling that what i am getting is good”. I can say that sometimes I’ve said the same thing, but in the same time i can remember some situation in which I’ve paid a lot of money but the product wasn’t what i expected to be. This is the problem. You give a lot of money for something that should be good, but in at least 30% of cases, you could buy for the same amount of money, better quality product. The second problem in my opinion is that people buy items that they don’t really need, just because they are expensive....
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