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    Quality vs Lower Priced Items - The Eternal Battle
    The quality of our business and out products will always be the most important factor in our success. It doesn't matter if we have a coffee shop, are selling flowers or have an internet marketing business. Sometimes, although we bring our best game to the table and out products have a much higher quality than that of any competitor, we still are not a success. Some competitor does better just because they sell at a lower price. This happens in every industry and in most cases the products are of really low value. So, the question is: why do some people buy lower priced items that are clearly of substandard quality? Why don't they invest in a quality product that is going to last 10-20 times longer than the cheaper one?

    I guess we have all done this. Sometimes I buy cheaper priced items just because they are cheap or because I can buy more items with the money I would pay to get 1 high quality product. But can I explain why I choose to do this? Not really. I think it's probably something we are born with. The instinct of saving money and paying less rather than more. Sometimes our family teaches us how to do this. If they always buy what's cheaper we will inevitably think that this is the right way to do things. So, we will usually go with the cheaper option.

    What do you guys think about this? Do you opt for quality over quantity? Do you give in to the temptation of buying what's cheap?


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    It really is an eternal battle to find the right compromise between quality and quantity. Sometimes it's because the consumer doesn't consider the value of the product to be enough to pay for the high quality's price, other times it's because the customer needs (or just wants) a product sooner rather than later when it comes to saving for a product.
    A good way to look at it is that value isn't just the quality and price, but also the convenience it brings to the consumer. Most people would rather get a cheap hamburger from McDonald's for a dollar if McDonald's is close by rather than traveling 10 more miles to get to a more expensive but better quality place. Likewise, some people would rather go to the quality but more expensive place if it's closer than the cheap one, and others are motivated more by cost than distance convenience, etc.


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    I always try to figure out what the quality to money ratio is. For example, I'm looking for a bluetooth speaker right now. I have found several models priced above $200 (not one for a phone, a large speaker with decent bass response). I also recently found one for $89 that even seems to have a better response but is from a brand that is known to produce cheap items.

    I'm not sure which one I'll buy but I'm leaning towards the cheaper model.


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    When deciding which way to go, it's important to do some market research in the area where you will be operating. You need to have an advantage that sets you apart from the rest, whether that advantage is quality of price, that depends on the area, your competition and the product you are selling.

    For example: you mentioned a flower shop. I'd never imagine making a cheap flower shop with low quality flowers. These are things that are bought for mainly for special occasions and people won't mind paying a bit more to have a beautiful one.


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    Sometimes, consumer buy out of practicality hence, buying on a LOWER PRICED items. There are quality products being sold on a higher amount like household furniture, kitchen utensils, specially if you are buying them on a high-end stores. But, there there are products of the same purpose being sold in IKEA (just for example). I think, if you are on the higher end of the society with so much money to spend, then go for quality. Otherwise, lower priced items are just enough to serve the same purpose.


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    I actually buy cheap items for the sakes of not being too stressed when it breaks or gets destroyed. The problem nowadays is that everything is made in China. Believe it or not, these items are the worst especially in terms of quality, no offense to the Chinese, but these items are just not worth it. If I'm planning to sell items for customers I would opt for both Quality and Price. What do I mean by this? I would have to sell the best and the highest quality of product that will compete against every other product and give the best price for it. This becomes a win-win situation and the secret to competitive pricing.


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    This is really the question that lies at the core of the 'turnover v. profit margin' debate. On one hand you look at a company like awl-mart that dominates the market by selling a ton of generic products at incredibly low prices (and thus, low profit per item), on the other hand you have Apple, which keeps it brand constantly at the cutting edge in order to sell a fewer items at a seemingly insane profit per item. Which is approach is better? It depends entirely on your product/service. If you're running a car dealership then clearly the Apple approach is for you...but this is not so if your web hosting because the market is saturated with competition.

    What's most important is to identify the number of competitors and level of competition your working with then market accordingly. People want to hear things like 'affordable brand clothing' but NEVER want to hear a phrase like 'discount milk' or ' budgeted jewelry.'


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    I guess it depends on the situation for me. A lot of products are cheaper and still have the same quality as a more expensive alternative, they are just not name brand. With this, I like to order some of the cheaper alternatives and do a trial run. Offer it to your customers and tell them that you are considering using a new supplier because the product is easier to get. If they complain that the newer, cheaper product is worse then stick with the more expensive. Overall though, I prefer to sell quality over quantity. Yes people are going to look for the cheapest item, but when it breaks or does not meet their needs like that of a quality product, they go to complain to you and you must deal with an upset customer and possibly a hurt business.


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    It really does depend on what I'm buying. If I'm buying electronics, or something I'll be using for some time, then I'll invest in the better product. If it's something that'll last a short period of time like food, I'll invest in a less expensive product (generally). So, for me, it really depends on what the item I'm looking to buy is.


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    The mistake we make here is make the assumption that lower-priced items are of a lower quality than expensive items. We have to take into consideration the cost of production [which factors in determining the price of a product]. Chinese workers for example are paid less than American workers. For that reason therefore; products made in China are cheaper than those produced in America regardless of the quality. I have used cheap items in the past which could do as good a job as a similar product that is probably being sold at double the price I bought it at. IMO, the quality of a product is not directly related to it's price. Even if it is, if I can get a cheaper alternative I'd go for it. That's what matters most - getting the best deal.


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