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re: It's not overpriced if people buy it.
Posted on 7/19/12 at 9:52 am to pooponsaban
Posted on 7/19/12 at 9:52 am to pooponsaban
quote:
This is the root of any disagreement here. Is it subjective? From an economic standpoint it is objective. It is market supply and demand that supports price points, not what your individual opinion is.
I don't think you understand. There are other ways people can call something overpriced than from a success in the market point of view.
If the quality and quantity of a good and service does not equal the price, then it can be considered overpriced based upon those criteria. The different aspects of this can be both subjective and objective. Tangible aspects (chicken fingers are smaller, prices are higher, ect.) would be objective. With intangible aspects being subjective.
Really, it isn't that hard.
1
Posted on 7/19/12 at 10:00 am to Tigercat
quote:
I don't think you understand. There are other ways people can call something overpriced than from a success in the market point of view.
I understand completely. Again, any disagreement will be about whether you consider the concept of "overpriced" to be subjective or objective, personal or economic. I am only talking about the economics. People bitch about chicken fingers constantly. Well the balance sheets clearly show that they aren't overpriced.
quote:
Really, it isn't that hard.
No, it's not hard at all.
Posted on 7/19/12 at 10:06 am to pooponsaban
I get grief from all my friends about buying Starbucks coffee. I explain that my taste in coffee is very acute. The difference between Starbucks and McDonalds to me is like the difference between water and piss to you.
OTOH, I can't tell expensive wine from Welch's Grape Juice so it would be stupid for me to buy anything but cheap wine.
OTOH, I can't tell expensive wine from Welch's Grape Juice so it would be stupid for me to buy anything but cheap wine.
Posted on 7/19/12 at 10:08 am to pooponsaban
quote:
I understand completely. Again, any disagreement will be about whether you consider the concept of "overpriced" to be subjective or objective, personal or economic. I am only talking about the economics. People bitch about chicken fingers constantly. Well the balance sheets clearly show that they aren't overpriced.
2 years ago one might have said the same thing about 5 dollar cupcakes from the booming cupcake bakery industry.
Even from a purely market perspective, if one is an investor and doesn't qualify and quantify something as "overpriced" or "inflated" independent of current market conditions, one is bound to lose money in the long run.
Remind me not to take investment advice from you!
Posted on 7/19/12 at 10:12 am to Tigercat
quote:
Remind me not to take investment advice from you!
Don't take investment advice from me.
Posted on 7/19/12 at 10:43 am to crimsonsaint
quote:
So $10 for a coke and popcorn at the movie theatre isn't overpriced?
Relative to the coke and popcorn you can buy at kroger, yes. But The movie theatre creates a miniature market within the confines and can charge you whatever they want since you cannot technically bring your own in. Thus making it not overpriced.
Posted on 7/19/12 at 10:59 am to reb13
Actually, most theaters ONLY make profit from concessions. The cost of getting the movie in the building usually absorbs all ticket sales.
Posted on 7/19/12 at 11:12 am to pooponsaban
The Canes crowd is just stuck on stupid, as is the Serranos clients. If not for the margaritas that place would close in a month
Posted on 7/19/12 at 11:24 am to pooponsaban
Incorrect.
It can be overpriced for what you get but stupid people will buy it even though it is "overpriced."
However, as far as a marketing/profit strategy goes they may or may not be overpriced. You never know how many more boxes you would sell if you knocked it down a buck.
That is unless you are the person in charge of that.
It can be overpriced for what you get but stupid people will buy it even though it is "overpriced."
However, as far as a marketing/profit strategy goes they may or may not be overpriced. You never know how many more boxes you would sell if you knocked it down a buck.
That is unless you are the person in charge of that.
Posted on 7/19/12 at 11:36 am to reb13
quote:
Relative to the coke and popcorn you can buy at kroger, yes. But The movie theatre creates a miniature market within the confines and can charge you whatever they want since you cannot technically bring your own in. Thus making it not overpriced.
You make a valid point.
As far as the op using the term "overpriced" based on whether or not ppl will buy it, is incorrect. Nowhere in the definition of overpriced does it include the words "people" or "purchasing".
Posted on 7/19/12 at 11:57 am to crimsonsaint
quote:
As far as the op using the term "overpriced" based on whether or not ppl will buy it, is incorrect. Nowhere in the definition of overpriced does it include the words "people" or "purchasing".
Which definition are you looking at?
Posted on 7/19/12 at 12:07 pm to Drew Orleans
quote:
It can be overpriced for what you get but stupid people will buy it even though it is "overpriced."
Just stupid people? What about people with more money than they know what to do with? A tasting dinner a French Laundry costs more than I'm willing to pay. But there are countless people with a ton of money that have the place booked for six months out. Is it overpriced?
Posted on 7/19/12 at 12:13 pm to pooponsaban
This one.
quote:
overpriced [???v?'pra?st] adj charging or charged at too high a price
Posted on 7/19/12 at 12:16 pm to pooponsaban
Yes. Fingers and that sauce are available at several other places and are much better than that tasteless crap.
ETA: And you obviously didn't read my whole post.
ETA: And you obviously didn't read my whole post.
This post was edited on 7/19/12 at 12:17 pm
Posted on 7/19/12 at 12:17 pm to Napoleon
quote:
People buy $2,000,000,000 Yachts. "Over priced" is subjective.
Please show me a two billion dollar yacht
Posted on 7/19/12 at 12:17 pm to crimsonsaint
quote:
charging or charged at too high a price
And if people are buying it in droves it is not charged at too high a price. The basic tenants of supply and demand seem to escape you. Izzo's is not charging too high a price. Too high for you maybe, but nor too high for the market.
Posted on 7/19/12 at 12:20 pm to pooponsaban
No they seem to escape you. What if they sold it for a little cheaper but sold a ton more and their profits went up. It would have been overpriced then.
Posted on 7/19/12 at 12:29 pm to pooponsaban
quote:
And if people are buying it in droves it is not charged at too high a price. The basic tenants of supply and demand seem to escape you.
Next you'll tell us it's not price gouging if ppl buy it?
Posted on 7/19/12 at 12:30 pm to Drew Orleans
quote:
What if they sold it for a little cheaper but sold a ton more and their profits went up. It would have been overpriced then.
Selling more units for a little less does not mean more profit. They can barely keep up with lunchtime volume now. So adding additional units could hurt business with their current model. So you are saying that the price at which profits are maximized is the cut off for which overpriced should be determined. Others are saying it is what they, as an individual, are willing to pay. If Cane's (for example) raised their prices again and enjoyed greater profits I guess people would say they are under-priced now?
If nothing else there have been great inconsistencies here.
My point is simple, if people buy it...it isn't overpriced. You can come up with as many scenarios as you want.
Posted on 7/19/12 at 12:34 pm to crimsonsaint
quote:
Next you'll tell us it's not price gouging if ppl buy it?
Red Herring much?
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