This type of pricing is applicable if the product is unique with no substitute and which represents the class with superior quality and luxurious products. The diamond industry is also an application of such pricing as diamonds can be afforded by few peoples, and it shows their financial status and class, and they are of superior quality.
#2 – WatchesĪs there are many brands of watches in the market but people with high class prefer Rolex watch even with its high price as there is quality assurance, and it shows consumer’s financial wealth and the class they belong to. Hence its booking price is almost 200% of regular flights, and as the business and top-class people want the best services without any worry of pricing therefore, they prefer star airlines even with prestige pricing. But star airlines target top executives and business class people with fewer seats and best services. In the airline industry, many companies provide airline services. Some of the areas where it is applied include: #1 – Airlines Industry It can be applied in case of quality and reputed products of which no substitute available. For its image and logo only, a person pays the amount more than the amount for which they can get the same type of product from other brands. To promote its brand, it hires celebrity endorsers as well. Nike prices its products based on its image. For example, Nike is a perfect example of companies using a pricing strategy.
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