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Ansh Kadam
Founder & CEO at Bui...ย โขย 11m
Why Nike Jordans become expensive as they get older, and how Nike pulls it off by controlling price elasticity & clever marketing. We will understand price elasticity with a very small & simple example See, how high or low the price of any product will go, depends on the demand fluctuation of that product. Like suppose, a lot of people who drink tea come in the market today! So what will happen? The price of tea-leaves will increase, because the supply is limited, but the buyers has increased. But if some of them stops taking tea then the price will come down a little! It won't drops significantly. If in case, a lot of people stop taking tea then in that case, the price will drop significantly. Right? But it doesn't happen with Jordans. See, the demand of Jordans in the market is already very high! And even if there is less demand, or even if the demand drops to 0, still Nike will never decrease the price of Jordans. Means that, they don't give discount. Now what happens because of this? Due to this, people get a signal in their mind that no matter what happens the price of Air Jordans will never decrease. And because it never decreases then buying them is a right decision! That is the reason, no matter how much the demand is, Nike doesn't decrease the price the people keep their trust on Jordans that their price won't decrease. Share this value with someone who may need it.
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