Consumers & Companies

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...

If you double your prices, and lose less than half your customers, its probably a good move. Pricing power is your ability to raise the prices you are charging over time. It is related to "price elasticity" in economics.

Bus...

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.