How do you think products are priced?

I think products are priced based on a lot of various things. From a general standpoint, I think most products are priced based on their quality, and the potential need and desire for the product. Certain added features and benefits can influence the pricing of a product as well. For example, if one were to go buy a new video game from Gamestop, but the game also has a better version with an added story-line or playing mode, the latter would be priced higher than the original because of the additional features. Brand recognition also greatly influences the pricing of products. Whether the quality reflects the price or not, more reputable brands such as designer clothing brands will run a higher price tag because of their position in the market.