Pricing

Prestige Pricing is one of the major pricing techniques in marketing. Prestige pricing is "Setting higher-than-average prices to suggest status and prestige to the consumer." Buying an item that has been priced prestigiously suggests that what you are  really getting, besides the product itself, is a sense of luxury and status. Although the product probably has great attributes, it is usually priced extremely high for what is being offered. An example of this is in this pair of shoes priced at $3,000,000 for purchase. What makes them so special? Is it the satin? Is it the diamonds? The saphire? The rubies? Nope. Although these materials are expensive, they're not worth 3 MILLION dollars. These shoes were designed around a pair of earrings that has been incorporated on top of the shoes. The earrings were worn by movie legend Rita Hayworth. The prestige of wearing such shoes is put in the price. The shoes were worn by celebrity Kathleen York to the Oscars. It created such a flurry over the price of the shoes, that imitation versions were soon spotted everywhere.