Why do many people prefer prestige brands over other products in the same industry? They are almost always manufactured in specialized plants with highly skilled workers. They always come with a longer warranty. They are functionally superior products which can be purchased at a much lower price. They help them feel part of an elite group or "club." Attempts: 0 of 1 used â—»
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O They always come with a longer warranty. O They are functionally superior products which can be purchased at a much lower price. O They help them feel part of an elite group or "club." Save for Later Attempts: 0 of 1 used Submit Answer Show more…
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In a competitive industry, the products that make up that industry are virtually alike. Only a few minor differences may separate one product from the other (take soap, for example). In such a case, one is led to believe that consumers could choose any product and achieve the same results. Yet, that is not the case. Consumers actually prefer some brands over others and believe the brand chosen to be superior. Why? Does advertising actually play that huge of a factor in the products we purchase? Or is something else at play?
Akash M.
Why are prestige products often an exception to the law of demand?
Haricharan G.
Performance: primary product/service characteristics Features: added touches, bells and whistles (secondary characteristics) Reliability/durability: consistency of performance over time Serviceability: ease of repair defects/mistakes Aesthetics: sensory characteristics (sound, feel, look) Perceived Quality: past performance and reputation
Sri K.
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