2.25 stars to 3.5 stars with no increase in quality A famous Stanford University study considered two wines and two price points and asked consumers to rate their enjoyment of the wine. The findings can be summarised as follows: Wine 1 Priced at $5.00 – received an enjoyment rating of 2.25 out of 6 Priced […]

2.25 stars to 3.5 stars with no increase in quality A famous Stanford University study considered two wines and two price points and asked consumers to rate their enjoyment of the wine. The findings can be summarised as follows: Wine 1 Priced at $5.00 – received an enjoyment rating of 2.25 out of 6 Priced at $45.00 – received an enjoyment rating of 3.5 out of 6 Wine 2 Priced at $10.00 – received an enjoyment rating of 2.5 out of 6 Priced at $90.00 – received an enjoyment rating of 4.1 out of 6 These results point to the impact that price can have on the perception of a product. The same wine with a higher price point was (in two cases, with two wines) enjoyed more than the same wine at a lower cost. Price directly impacted consumer perception of the product.As counterintuitive as these findings might be,…