#4 The Cost of Things: How Price Point Impacts What We Buy Part 4 of 7
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3. How our perceptions of value are influenced by price
When we're trying to decide whether or not to buy something, price is always a factor. But how does price influence our perception of value? For some people, price is everything. They believe that the more expensive an item is, the better quality it must be. They'll only buy designer clothes, drive luxurious cars, and eat at the fanciest restaurants. They believe that these things are worth the high price tag because they'll last longer and provide a higher level of quality. Others couldn't care less about price. They'll buy the cheapest option available, regardless of quality. They believe that it's better to save money wherever possible, and that spending less means getting more for their money. Most of us lie somewhere in between these two extremes. We want to get a good value for our money, but we're also influenced by other factors such as brand loyalty, trends, and recommendations from friends and family. When it comes to price, there's no right or wrong answer. It's all about what's important to you. However, it's important to be aware of how price can influence your perceptions of value.
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