The power of a having a respected brand

Well-respected brands can charge extra for their products. Ever since there have been mass media, that has been true. That’s why Coca-Cola costs more than a store brand. That’s why Nike sneakers cost so much. Any business, even yours, that makes a name for itself can use its good reputation to charge higher prices. This can go to extremes. Some of the biggest names can charge premium prices that seem to be exorbitant, but they can keep on selling at these prices, anyway. Foster Kamer has looked at this phenomenon, particularly in regard to Apple’s ability to charge prices that... [...]