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'you get what you pay for'

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The statement 'you get what you pay for' reflects the common perception that high prices indicate high product quality, and, low prices indicate low quality. Irrespective of market structure considerations, is this statement correct?

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Solution Summary

The statement 'you get what you pay for' reflects the common perception that high prices indicate high product quality, and, low prices indicate low quality. The solution discusses if this statement is correct.

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In today's business world where consumers have become much more informed, educated as well as demanding, this statement may not be always true, primarily due to the fact that today's companies are striving to provide consumers with the best quality products at the lowest prices in order to sustain competition from companies all over the world. In other words, the advent of information resource like internet, increasing globalization, outsourcing and other new ...

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Sandeep Bardia, MBA
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  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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