Understand Low Price Versus Value

December 15th, 2013 by

I was having a conversation with a person today as her husband and herself needed help in deciding where to buy a specific gift for their child at the best price possible. The thing was there were two items of the same main product except they came with different pieces of software. One was about $220 and the other was about $260. The husband was immediately adamant that they must buy the $220 package since it is cheaper. However, the $260 bundle actually came with two different software that they definitely mentioned they would need where these would normally cost over $70 to buy individually. So technically that was a better value for their needs.

How was still stuck on the notion that the other package was cheaper though though. The wife was then saying how when it comes to understanding the monetary value of what they are buying it isn’t exactly his strongest asset. Eventually they did go with the $260 package as they both ultimately agreed that it was a better value.

I find this situation happens more for me when shopping for food and groceries. Many times before I would simply just look at whatever has the lowest price and from there base the value on how much I am getting versus competing products. I learned quick where you have to start really understanding what exactly it is you are buying as the product could have various factors where the quality of it isn’t as good and therefore you would simply be comparing apples to oranges.

To understand the value of an item you need to know what you are buying. That may sound silly, but in our busy life we often focus way too much on simply the price I think.

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