#1 The Cost of Things: How Price Point Impacts What We Buy Part 1 of 8

Written By James Leinbach

Entrepreneur, Tradesman and Small Business Join Business Coach 007.

1. The Cost of Things: How Price Point Impacts What We Buy

As consumers, we are always looking for the best deals on the products we want. However, we don't always stop to think about how the price of a product impacts what we purchase. In some cases, a higher price tag can actually lead us to buy more of a product. For example, let's say you're at the grocery store and you see two packages of paper towels. One is priced at $5 and the other is priced at $10. Which one are you more likely to buy? Most people would say the $5 package. Now, let's say you need paper towels to clean up a big mess. You're more likely to buy the $10 package because you need a lot of paper towels to clean the mess and you don't want to run out. In other cases, a lower price can lead us to purchase a product even though it's not the best quality. We might buy the cheapest shampoo even though it's not the best for our hair. Or, we might buy the cheapest pair of shoes even though they won't last very long. So, how does price impact what we buy? It depends on the product and our needs. Sometimes, a higher price can lead us to buy more of a product. Other times, a lower price can lead us to buy a product even though it's not the best quality. It all depends on the situation.

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James Leinbach

After 27 years in the trades industry, I sold my company and retired. Then two yeas later, I decided to be an advocate for those still working in the trades. My goal is to help the tradesmen to be more successful, work less hours, and to receive a high return on their time invested.

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#2 The Cost of Things: How Price Point Impacts What We Buy Part 2 of 8
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#3 The Cost of Things: How Price Point Impacts What We Buy Part 3 of 8