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Money Making Advice You Needed to Know Yesterday | Ep 659
The Game w/ Alex Hormozi
Value Perception in Luxury, Premium, and Low-Cost Markets
The determination of premium is based on four market positions: luxury, premium, commoditized, and low-cost. Luxury goods are Veblen goods, where higher prices increase demand due to the perceived value associated with the high price. This association with high price enhances the perceived value of the product, creating a virtuous cycle. Premium products offer above-average quality and utility, such as BMW, which uses better materials and has better performance. In contrast, commoditized products offer no significant value, while low-cost leaders focus on driving efficiencies to maintain the lowest price while making a profit.
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