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Started By
Message
re: It's not overpriced if people buy it.
Posted on 7/19/12 at 12:38 pm to pooponsaban
Posted on 7/19/12 at 12:38 pm to pooponsaban
Wow. I said what if, implying that they sold way more so the profits went up. Assume you idiot. Hell it may technically be underpriced but my point is (which seems to escape you) is that you don't know because you are a moron and not the markering/sales rep from Cane's. So for you to claim it isn't overpriced is an ignorant statement.
Yes, they stay slammed now but you don't know how much more they could handle. If the price went up and they still sold as many as they do now then as far as sales goes it is currently underpriced.
But most people who have the opinion (realize) it isn't that good and is overpriced for what you get realize there are better/cheaper options.
Again I say you have no idea if it is over/under/correctly priced and for you to claim that is moronic.
Yes, they stay slammed now but you don't know how much more they could handle. If the price went up and they still sold as many as they do now then as far as sales goes it is currently underpriced.
But most people who have the opinion (realize) it isn't that good and is overpriced for what you get realize there are better/cheaper options.
Again I say you have no idea if it is over/under/correctly priced and for you to claim that is moronic.
This post was edited on 7/19/12 at 12:40 pm
1
Posted on 7/19/12 at 12:39 pm to pooponsaban
quote:
My point is simple, if people buy it...it isn't overpriced.
Your point is wrong. Whether or not people are willing to pay for something isn't indicative of whether it is priced higher or lower than it's value.
Just look at designer fashion... they intentionally overprice their goods to keep them exclusive and prestigious. And yet people still buy them.
Or name brand vs. generic drugs. It's the same product, and yet people will still buy the overpriced name brand because they don't know better.
Posted on 7/19/12 at 12:39 pm to Drew Orleans
quote:
Fingers and that sauce are available at several other places and are much better than that tasteless crap.
Oh, so this discussion is about a certain product to you. I was talking in more abstract terms. You don't like Cane's. I get it. Doesn't make it overpriced. Try to keep emotion out of this.
Posted on 7/19/12 at 12:46 pm to Drew Orleans
quote:
Assume you idiot.
Ad Hominem.
quote:
Hell it may technically be underpriced
Agreed.
quote:
you don't know because you are a moron
Ad hominem.
quote:
Yes, they stay slammed now
Success. Not overpriced.
quote:
you don't know how much more they could handle. If the price went up and they still sold as many as they do now then as far as sales goes it is currently underpriced.
Hypothetical. And maybe they are underpriced...but they clearly aren't over-priced.
quote:
But most people who have the opinion (realize) it isn't that good and is overpriced for what you get realize there are better/cheaper options.
Again, you are hanging on one establishment you don't like. An establishment that is making money hand over fist. By any reasonable business model they are not overpriced.
Go get a $12 martini and relax.
Posted on 7/19/12 at 12:50 pm to LSUBoo
quote:
Whether or not people are willing to pay for something isn't indicative of whether it is priced higher or lower than it's value.
Value is defined as what people will pay for it. It's not some formula of costs+overhead+reasonable profit.
quote:
Or name brand vs. generic drugs. It's the same product, and yet people will still buy the overpriced name brand because they don't know better.
Your point in the context of this thread is?
ETA: Let's say my house can be constructed for $150k. In BR on a certain lot it's market value is 300k. on a lot in Northern California it is worth $1 million. Is it overpriced in Northern California even though the market dictates that the value is such? No. It is worth what people will pay. The end.
This post was edited on 7/19/12 at 12:55 pm
Posted on 7/19/12 at 12:54 pm to pooponsaban
quote:
Your point in the context of this thread is?
Quite simply that, "It's not overpriced if people buy it." isn't a correct statement.
Posted on 7/19/12 at 12:57 pm to LSUBoo
quote:
Quite simply that, "It's not overpriced if people buy it." isn't a correct statement.
Explain. I'm at least trying to explain my points. If someone pays a certain amount for a product it wasn't overpriced in that transaction. Can you at least agree to that? Or is anything that your are incapable or unwilling to buy overpriced?
Posted on 7/19/12 at 12:57 pm to LSUBoo
quote:
they intentionally overprice their goods to keep them exclusive and prestigious. And yet people still buy them.
A good example of this would be marketing by distilleries. A place might make 1,000 barrels of Bourbon. They make a profit by selling it for 10 bucks a fifth. But some people will not buy a bourbon that cheap. So they bottle the same stuff in a different label at 20 bucks a fifth.
Posted on 7/19/12 at 1:00 pm to pooponsaban
quote:
Explain.
I just gave you two examples.
quote:
If someone pays a certain amount for a product it wasn't overpriced in that transaction.
Ever heard of getting ripped off? It happens all the time.
Posted on 7/19/12 at 1:08 pm to LSUBoo
quote:
I just gave you two examples.
Designer fashion and name-brand drugs are your examples? I'd say those industries are charging exactly what people (or their insurance companies) will pay. So it's not overpriced.
quote:
Ever heard of getting ripped off? It happens all the time.
Yes. And? That is a personal judgment. I wouldn't pay $40 for a bottle of "fat-burning" caffeine pills and I think people that do are getting ripped off. But I don't think the pills are overpriced.
Posted on 7/19/12 at 3:10 pm to pooponsaban
It is overpriced if the change in price resulted in a sub-optimal quantity demanded, which in turn lost Cane's revenue. It is correctly priced from a business success stand point if the price maximizes revenue, even if it causes some consumers to not find enough consumer surplus to purchase the good.
Cane's needs to be concerned about pricing because they are a one item seller in a saturated market. If they don't deliver value at their price point, there are many readily available substitute goods that will pick up additional consumers.
/economics bullshite
Cane's needs to be concerned about pricing because they are a one item seller in a saturated market. If they don't deliver value at their price point, there are many readily available substitute goods that will pick up additional consumers.
/economics bullshite
Posted on 7/19/12 at 6:23 pm to fastedLSU
quote:
Please show me a two billion dollar yacht
How about a $4.8 Billion Dollar one??
quote:
History Supreme - $4.8 billion
Owner: an anonymous Malaysian businessman, possibly Robert Kuok Length: unknown
Coolest feature: It's hard to believe, but the History Supreme, a vessel built with more than 100,000 kg of precious metals including gold and platinum, cost nearly 10 times what Roman Abramovich paid for the Eclipse. The yacht has decorations made of t-rex bones and meteoric stone.
LINK
Still going to use the 'lol' smiley??
Posted on 7/19/12 at 6:33 pm to pooponsaban
quote:
Explain. I'm at least trying to explain my points. If someone pays a certain amount for a product it wasn't overpriced in that transaction. Can you at least agree to that? Or is anything that your are incapable or unwilling to buy overpriced?
people have explained.
What is overpriced to someone who makes $40k a year may not be to someone making 200k. If I call something "overpriced" then in my opinion, it's overpriced. That's just how it is. You can come here and say in you opinion "It's not overpriced if people buy it". The thing is, that argument is stupid, just because people buy anything. Even overpriced items, especially in captive markets like a movie theater or theme park. "Overpriced" is the opinion of the consumer. I'm sure Todd Graves or those people on the Cane's billboards don't think it's overpriced. Though the consensus of many is that it is.
In fact you are the only one saying "overpriced" doesn't exist in a market in which goods are bought. I seriously think you are trolling.
Posted on 7/19/12 at 8:07 pm to Napoleon
It's cool brah. You are saying the concept of something being overpriced is completely subjective and up to the individual. From the beginning of this discussion I explained I'm talking from a macro-economic and objective standpoint. Just because someone has a different position on an issue than you doesn't mean they are trolling.
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