Do people really buy things because most others cant afford them or wont waste the money. According to prestige pricing they do. To me if there was anyone I would want to market to it would be this group of people. That seems unreal that you could make artificially high prices that would sell because they are artificially high. Not only that but this method of pricing appeals to the wealthiest people.
I have heard before that I.V. league schools weren't worth the money in terms of the value of education compared to other institutions. Could this be a form of prestige pricing? The extra money is just to get a degree that has a prestigious name. Another example to me would be food. There are certain types of food like caviar or expensive wine that seem to possess prestige prices. What extra value or sustenance is in these products, in the end your stomach is full or you are intoxicated to the same degree. In fairness I'm not a wine connoisseur but please some bottles of wine are almost cost half a million dollars. There is caviar that's more expensive because it comes from a rare fish, to me fish eggs are fish eggs.
The crazy part about this kind of pricing is that some things that are prodigiously priced used to be peasant food and now because some awesome marketer raised the price and created demand for that product people will pay top dollar for it.
This is a link to some expensive Wines:
http://www.huffingtonpost.com/2011/11/10/most-expensive-wine_n_1084988.html
Caviar link:
http://most-expensive.net/caviar-world
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