All tagged Pricing
When Amazon launched Prime back in 2005, Jeff Bezos’ central premise was that it should be “such a good value that you’d be irresponsible not to be a member”. This was when it offered 2 day free shipping.
Now, of course, it offers a whole lot more and there are more than 200 million Prime members today. There are two takeaways from this.
The recent hype around Non Fungible Tokens (NFTs) has been interesting. A piece of ‘art’ by the artist Beeple sold for almost $60 Million. I put the word ‘art’ in quotation marks because it isn’t art in the conventional sense that most of us might think of. It’s digital and anyone can see and download it (there’s nothing physical at play here). But the NFT provides one person with indisputable proof of ownership, and that person estimated the value of that proof at $69.5 Million.
Value is in the eye of the beholder. That seems like a straightforward statement, but it’s a hard one to truly grasp.
There are certainly tangible criteria that can be applied to the price of a particular product or service - its material inputs, the resources applied to convert those materials into some sort of finished product, and the related overhead needed to make all of that happen.
