Malgosia said – Mon, 03 Mar 2008 22:23:41 -0000 ( Link )
I cite the following study in my defense: http://www.mcclatchydc.com/homepage/story/28307.html It shows that people will find a wine tastes better if it has a higher price.
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A wine's quality cannot be judged by its price (Discussion)
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geof said – Sun, 16 Mar 2008 14:38:09 -0000 ( Link )
When I lived in Canada, I belonged to a winemaking club, The Sunrise Vintners. We would have blind tastings with homemade and sometimes with commercial wines in the mix too. Once, some of us, including myself, rated as poor a rather expensive French wine. One of our members proposed that we had “cellar” wine tasebuds and had lost the ability to assess and detect good commercial wines.
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JohnPhilipGreen said – Wed, 09 Jul 2008 13:58:30 -0000 ( Link )
I think this is true about more things than just wine. Most luxury brands command high prices for the sunglasses/purses/clothes/keychains/whatever not because the products are that much better, but because high price is a quality of its own. The best way to make a ‘high end’ product is often not to improve it materially, but to just raise the price.
I’m summarizing here an excellent chapter in the book, Influence, the Psychology of Persuasion by Cialdini. Its a great read!
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rajesh_patidar said – Mon, 20 Apr 2009 16:45:54 -0000 ( Link )
Absolutely right, wine is not judjed based on price. higher price only does not mean that wine possess good quality. wine basically is chossen based on some intrinsic as well as extrinsic features. intrinsic features include taste, aroma, legs, and flavour simultaneously extrinsic features include labelling, bottle’s shape, area of origin, manufecturing date, ageing etc.
but here a principle od economics need to be consider that wine is a product which if priced low treated more as inferrior good because if price of wine is less than demand of the product will be less.
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