It is an undeniable strategy for most retail businesses to lower the prices to attract more buyers. Even this strategy seems very effective, reducing the price too much is a different scenario. Your customers still believe that price is related to the quality of the product.
Price, most of the time, is the judge for the value of a product. The customers would expect a higher price value for a high quality product and they would think a low priced product substandard. So they’re going to look at your product and say, “What’s wrong with this?” Customers are expecting an item valuable for their time, effort, and income.
It’s not the price alone; it’s the package that counts
(Blog Post 8 )