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Does Higher Price Ensure Better Quality?

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Topic

DOES HIGHER PRICE ENSURE BETTER QUALITY?

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Abstract

The focus of this research is to analyse and determine the public attitude towards the price and/or quality relation for marketing. With ever increasing income levels, favourable demographics, and rising middle class population draws out a relationship between these two attributes. A high price may indicate either bad value or good quality while the low price may indicate either good value or poor quality, it can go either way.

Exploratory study was used as research methodology for clearly defining the research problem followed up by Descriptive study for deriving the conclusion of the research. Analysis of secondary data, and in-depth interview methods were used in exploratory study while self-administered survey was used during descriptive study to arrive at the conclusion of the research. Qualitative analysis of data helped me identifying the parameters pertaining to consumer choice and there buying behaviour. Questionnaire, survey forms, and interview questions were designed to collect primary data. Two field surveys were carried out in terms of durable and non-durable goods with both product and service market in view. The survey was carried out for the purchase of mobile phones and the choice of restaurants. The primary data was further interpreted and analysed. The results are depicted in the forms of pictorial graphs and charts. There could be distortion due to sampling error or due to reluctance and ignorance of people while filling up the responses. The error levels are minute and have been captured accordingly.

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Acknowledgment

This research has been made possible with the help and support from everyone, including: my colleagues and friends who participated in surveys, my family who supported in questionnaire, and in essence, all sentient beings. Especially, please allow us to dedicate my acknowledgment of gratitude toward the following significant advisors and contributors:

I would like to take this opportunity to express my profound gratitude and deep regard to my leader Peter, for her exemplary guidance, valuable feedback and constant encouragement throughout the duration of the project.

Her valuable suggestions were of immense help throughout the project work. Her perceptive criticism kept me working to make this project in a much better way. Working under her was an extremely knowledgeable experience for me.

I would also like to give my sincere gratitude to all the friends and colleagues who filled in the survey, without which this research would have been incomplete.

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Contents

Introduction        1

Literature Review        2

Research Gap:        5

Research Objectives        6

Methodology        6

The Exploratory Study        6

The Price-Quality Relationship        7

Descriptive Study        8

Data Collection        8

Factors Considered while Buying the Product:        8

Quality Perception of the Influencing Factors        9

Price-Quality Relationship: Durable Product        9

Perceived Quality of Mobile Falling in Different Price Ranges:        9

Price-Quality Relationship: Non-durable Product        10

Perceived Quality of food in Different Price Ranges        10

Finding and Discussion        11

An analysis of the price-quality relationship for the two products reveals the following:        11

Durable product: Mobile Phone:        11

Non-durable product:  Foods:        12

Conclusions        12

References        13

Exhibit / Annexure        14

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Introduction

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This study seeks to examine the relationship between the price of the product and the buyers’ perception of quality in respect of product & Services.

Post the exploratory research, a self-administered direct survey was conducted to establish the relationship between Price & Quality.

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(2018, 08). Does Higher Price Ensure Better Quality?. EssaysForStudent.com. Retrieved 08, 2018, from https://www.essaysforstudent.com/Business/Does-Higher-Price-Ensure-Better-Quality/109746.html

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"Does Higher Price Ensure Better Quality?." EssaysForStudent.com. 08, 2018. Accessed 08, 2018. https://www.essaysforstudent.com/Business/Does-Higher-Price-Ensure-Better-Quality/109746.html.