Band 5+: Some people believe that the higher a product is priced, the more likely it is that people will want to buy it. To what extent does price influence potential buyers? What other factors influence people to buy a product?

Over the past few years, the mentality of buyers has significantly changed. The idea of better quality is directly linked with the price. The statement higher the price of a product makes people want to buy more is a compelling one, I completely agree with the statement. Along with price there are also several other factors which influence people to buy products. We will discuss about both of the topics in forthcoming passages.

Price of a product has changed the mindset of a buyer. Customer who buys a product with higher price range gives him gratification towards the purchase. People in modern era have always wanted to flaunt off their higher purchase which in turn result for people want to buy higher priced products. Price has been one the most powerful marketing tool which attributes to a company’s major part of sales. People nowadays believe higher price always gives a touch of higher quality and finesse, which in many cases is also true. For example; Apple, one of the most pronounced cell phone brand have not brought any major changes in their previous three phones but still with the higher price people are buying it just because of their name and price point. Price also defines a company’s stature which makes buyer want to buy it more even with higher prices. Price plays a pivotal role in defining status of a buyer in their mindset of them in peoples head which attracts the customer to buy higher prices product.

With Price as a prime marketing and selling tool, there are also several other factors which influence people to buy a product. Services or Product Services is one of the most important factor which influence people to buy a product. After services which is service given after buying a product should define a company’s credibility and make their customer to buy them more and again. For example; Dell, a prominent Laptop and PC brand considered to have one of the best after service, I recently encountered a display problem in my dell laptop which resolved in 2-3 days after complaint at my comfort. Legacy of brand is one factor which influence people to buy a product for example: Polo, Ralph and Lauren a brand established in 1880 still holds a significant position in clothing industry for their specifically polo t-shirts and other clothing just because of good quality and legacy. Talking about quality, quality of a product makes their sales astonishingly higher since higher quality directly refers to long lasting product with less product services requirement.

The keenness to buy a product has been influenced by several factors but we can conclude that price has been one of the most cardinal element which influence people to want to buy a product. Other factors such as Product services, legacy, quality etc has also contributed for people to buy a product.