Abstract
In this chapter we introduce the interplay of product and price. It is becoming clear that there are no hard and fast rules about how important price is to purchase versus how important product or product quality is to purchase. It appears to be a function of the particular product, and the nature of the person doing the evaluation. Yet, it is clear that homo economicus still reigns. Purchase intent does increase with product acceptance, so all other factors being equal; it’s good to taste better. Yet, it is equally clear that the price to pay for such quality increases is important to consider. It’s not better quality at any cost, not indeed. Depending upon the particular product being developed or improved, it may be better to concentrate on lower cost of the current product rather than increasing its quality.
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