I believe that there are usually a number of factors that determine who will buy and how much will be paid for almost any item.
Every year I sell feeder cattle, and a few cull/replacement cows at auction. Over the years I have learned what most buyers are looking for and we try to produce cattle that will bring the best price, selling at the most optimum times.
I also know that there are other factors that determine the price for other items. I remember examples, admittedly for specialty items, that illustrates factors different than for cattle. There may be some correlation to certain gun sales.
When I was in College Business/Economic Classes, in the early 1950's I remember that we worked with a local department store, actually Pennys, and I remember the manager illustrating one marketing ploy for ladies clothing. Ladies clothing were on display on individual racks, with prices marked on each rack within various price ranges for all of the clothes on each rack. Also, each item of clothes on each rack had a price tag within the posted range. The store kept track of which items were sold over time.
When it was noticed that a specific item, such as a dress, blouse, skirt, coat, etc., on a rack was not selling while other items on the same rack were selling, the unsold item would be removed and moved to another rack, with a higher price posted and the actual price tag on that item changed to a higher price.
The store manager pointed out that this seemed to usually result in the item with a higher price almost always sold out without delay. He stated that the process appealed to the "vanity" of buyers, who seemed to like the idea that they were buying a "more upscale item" since it was a higher price item. If the item failed to sell at the higher price, then it was place, "on sale" at a "sale price lower.
In our discussions on the subject in the class, we also discussed that perhaps when the item had been listed at a lower price, potential buyers may have thought that the lower price, compared to the appearance or quality, did not match. Perhaps when the higher price was posted, and the item moved to a rack where all item there were higher price, potential buyers may have believed that the quality was higher since the moved item was now included in higher price items.
In our classes we also noted similar results in the grocery store were we worked with the store manager involving economics. I believe that there were other factors involving groceries but we learned that, for example, the higher quality meat cuts on display were often passed over by buyers for lower quality meats even when the lower quality were higher price.
We also observed in every class that there were numerous buyers who made their choices strictly on lowest price while others compared prices with what they perceived to be quality compared to price
In summary, I believe that a skilled manager learns to know his customer base and how to provide and market products for greatest advantage. I know that over the decades, by improving the type and quality of our cattle, based on order buyer preference, we have been more successful in receiving more income, measured in dollars, for our cattle than I received 50 years ago.
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