Features

Humans tend to overemphasize the positive elements of a product and ignore the downsides. For example, consumers wait overnight for new releases of certain products, even though other brands have better features and are cheaper.

One reason is that people v...

Many consumers who buy luxury goods are not in a financial position to afford luxury goods. They do not always act rationally and may spend thousands of dollars on a luxury brand that performs the same function as a similar durable item at a much lower cost.

When customers decide to buy (or not buy), they consider both benefits and features. They think about things like price, relevance, design, and so forth. But ultimately, customers buy because of a product’s benefit.

• Once the customer is sold on the concept (they’re con...