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Do you seek the highest quality for the lowest price?

A common theme in all I read suggests buyers seek the highest quality for the lowest possible price. Further, that buyers differentiate between offerings via features and benefits that are important to THEM.

Q1: Do you believe this is true?

Q2: What strategies do you as a seller use to elicit what is important to your buyers and what they are willing to pay to get what they want? - by jdedwa11
Q1: Do you believe this is true?

Q2: What strategies do you as a seller use to elicit what is important to your buyers and what they are willing to pay to get what they want?
Q1: It is true in many cases.

Q2: I work in partnership with the prospective buyer to project costs before I ultimately quote costs. That is a strategy. The information gained is the comfort level of investment. How I would proceed from there would vary according to the unique circumstances. - by Ace Coldiron
If presented correctly, a client will pay substantially more to protect his investment, whether it be in himself, his family, or his business.

Like Ace says question the need, present the solutions, and agree on the features, benefits, prices etc. Here, even if price is an issue, you will be able to go back to your questioning and reaffirm what is the most important feature and can you deliver it at his price. If yes, then you can go back and keep exploring what else can be delivered that falls into his price range which in MY OPINION delivers the most value that clients really want for the investment.

Aloha... Tom shds; ;bg - by rattus58
Let's, for the sake of simplicity, understand what we mean:

'P' stands for Product No.
'Q' stands for Quality, value ranging from 0 to 10
'P" stands for Price, value ranging from 0 to 10.

P1 has Q=5, P=5
P2 has Q=8, P=6
P3 has Q=9, P=9
P4 has Q=10, P=10

Highest Quality (whatever the cost) buyer would buy P4.
If the Buyer is willing to accept Q=9, he could buy P3.
If the Buyer is willing to accept Q=8, he could buy P2.
If the Buyer is willing to accept Q=5, he could buy P1.
Without minimum acceptable Q specs, the highest Q would mean P4.

Many buyers would exercise discretion while buying and settle for Q=8 at P=6, even though they may have initially wanted to buy highest quality for the lowest price.

Thoughts?

Ganesan. - by ezynes
Let's, for the sake of simplicity, understand what we mean:

'P' stands for Product No.
'Q' stands for Quality, value ranging from 0 to 10
'P" stands for Price, value ranging from 0 to 10.

P1 has Q=5, P=5
P2 has Q=8, P=6
P3 has Q=9, P=9
P4 has Q=10, P=10

Highest Quality (whatever the cost) buyer would buy P4.
If the Buyer is willing to accept Q=9, he could buy P3.
If the Buyer is willing to accept Q=8, he could buy P2.
If the Buyer is willing to accept Q=5, he could buy P1.
Without minimum acceptable Q specs, the highest Q would mean P4.

Many buyers would exercise discretion while buying and settle for Q=8 at P=6, even though they may have initially wanted to buy highest quality for the lowest price.

Thoughts?

Ganesan.
Did you say for the sake of simplicity!!?? - by Gary A Boye
I'm sorry, does it sound very complex?

I though real life situations are far more complex.

Thoughts from anyone else? If I have made it complex, I will attempt to simplify it further. And also learn something from this feedback.

Ganesan. - by ezynes
I'm sorry, does it sound very complex?

I though real life situations are far more complex.

Thoughts from anyone else? If I have made it complex, I will attempt to simplify it further. And also learn something from this feedback.

Ganesan.
You are focused on the relationships between Quantity, Quality, Value, and Price.

There are many economic theorems available (Example-Laws of Supply and Demand), placed within a number of schismatics, designed for various commodity outcomes that use all 4 factors.

One of these may better express your thoughts.

Just a suggestion. ;bg - by John Voris
John,

True, micro economics teaches us the basics of these. What I have tried to do here is to apply such theorems to the question at hand using a few text book like illustrative cases.

Ganesan. - by ezynes
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