Why do you pay more for a product?

Why do you pay more for a product? Either because it is a status symbol like Mercedes, Rolex, Louis Vuitton….. OR because it has more value by way of better features, better comfort or better performance!!!! Cheaper products provide you the value equal to their cost. And if you are not buying a product just for status symbol, you must check the value the product gives you for the price you pay for the same. If a product does not provide value for the price it costs, it will just not sell!! If it sells, ask yourself what value your competitor perceives in that product that you have probably missed. Cheapest may not always be best. You may pay less initially but pay more everyday thereafter. Just Think!!