What’s in a Name? The Role of Expectations, and Reality, in Our Judgements.September 6, 2019
Building and managing customer expectations is an integral part of business and marketing. Understanding expectations and aligning price and quality to those expectations should aid in keeping your marketing choices customer-centric. This article explains how “expectations of quality are created by price, and they serve as reference points by which we evaluate our subsequent experience…If you bought a product with a high price which turned out to be low quality, you’d judge the quality to be lower than if it was priced more honestly. The reverse is also true”.