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When I was at the Rhody show I was offering some items at discount – but admittedly, they were still pretty expensive, overall.
About 2/3 of the people would check out the price and make some comment and shake their heads and walk away. About half of the remaining people would comment that it was a good price and buy one or two. The other half of the remaining third would say that the price represented a very good deal and buy several.
I remember from my old economics class that there is always a market segment that will accept no substitute, regardless of price. The marketplace now has several items of unmatched quality along with a base of consumers who will accept no substitute. For example: If a certain popular lure sold out in 2 hours at one price how fast would they have sold out at triple the price? (Yes, it’s very bad for business to gouge the public - that's not my point.) My point is that it was obvious that they would have gone by day three at almost any price.
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