04 November 2013

Perceived High Quality A Key to Success

The secrets of shopping | The University of Chicago Booth School of Business: "For example, Coke and RC Cola are similar products, but Coke is more successful because people prefer it. Why they prefer it, whether they’re influenced by advertising or other factors, is a secondary matter for the researchers. All they consider, besides price, is the perceived quality . . . The early results are upending a long-held belief that the most successful companies are the ones that focus on reining in expenses or establishing economies of scale. “The key determinant of firm success is quality, much more than cost,” Weinstein says. “The most successful firms produce goods that consumers think are high quality. It’s not just about lower prices.”" (read more at link above)

Think Apple.

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