Inexpensive but quality

Good evening everyone. We are here to defend that quality must not have to be expensive.

Marketers employ various kinds of appeals to make products appear more attractive for consumers.
Consumers also pay attention to and rely on these appeals to decide whether to purchase the products,
to look for other products, or to visit other stores for comparison. One of the appeals frequently utilized
in retail advertisement is a wording appeal, “high quality, low price”. For example, H&M claims their
business concept such as “fashion and quality at the best price.” This type of appeal is used over a wide
range of product and service categories such as clothing, cosmetics, furniture, housing, rent-a-car, and so
on. It is already imprint in the mind of the people that a high quality is high priced. Consumers tend to
base on price if they are uncertain on quality judgements or purchase decisions, although its influence
varies depending on the presence of other cues.

The issue of monetary sacrifice should not be neglected when considering purchase intentions. Price is
known to have a dual role, first as an indicator of quality and as an indicator of monetary sacrifice.
Monetary sacrifice is a consumer’s perception of what must be given up in order to purchase a product
or a perception of making a sacrifice by paying a specific price. Kent Monroe developed a conceptual
model incorporating this dual role in which higher prices lead customers first to perceive higher quality,
then perceive a higher value, and finally to be more willing to pay. At the same time, higher prices lead to
a higher monetary sacrifice, which in turn leads to perception of lower value and finally to a lower
willingness to pay.

Consumers are learning that inexpensive doesn’t have to equate to poor quality. Marketers can put the
word premium or high quality on anything that doesn’t mean anything. Generally speaking, these phrases
are just used to justify a higher markup. What we are seeing in the market is that high price doesn’t always
mean a high quality, and low price doesn’t always mean a low quality.

For consumers, no matter if they’ve been introduced to cheap premium brands out of necessity or cheap
chic trends, the takeaway is that sometimes the cheaper goods are just as good as the pricier items. Thank
to the recession and the way reviews and news spreads so quickly nowadays, the lid is being blown off so
many products getting away with charging more just because they can. Consumers are not illiterate when
it comes on checking the quality information of a product. With the assistance of technology consumers
are able to make a background check first before purchasing a product. They were able to make
comparisons first and look for better prices.

Overall, more and more people are realizing that when they pay a premium, often what they’re paying
extra money for is an expensive marketing campaign which in turn promotes the product for its premium
status, attempting to convince customers why its’s worthwhile to pay a premium to get it.