Reference no: EM132391927

The psychology of price strategy in Walmart vs. Apple is simple. When consumers arrive at Walmart, they know and have experienced that they are getting the best and lowest price for the desired product. For example, I shop at Walmart when I need to buy cleaning products, paper towels, laundry baskets, random kitchen cookware, house essentials, etc., because I know Walmart can sell these items cheaper than the grocery store or its competitor Target. For Apple on the other hand, consumers know that Apple products are costly. Apple sells one of a kind, quality advanced technology devices that you can't get anywhere else. And because the market for purchasing products like Apple's is so small, they can name their price.

Who is more price sensitive men or women?

Reading a report from Michael Lewis from Money Crashers (link cited below) states that women are more price sensitive and that is because we take the time to plan and search for the best bargain vs. men who don't like to spend or waste time searching for the best deal. Men would rather spend the extra couple of dollars if that involves them getting in and out of the store as fast as possible and getting on with their next task.