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Good–better–best pricing takes advantage of consumers' anchoring bias; for example, when Williams-Sonoma sold a bread machine for $279, then introduced a premium bread machine for $429, the premium machine did not sell well, but the original model's sales almost doubled, because customers reasoned that the $279 model was a better value. [3]
A notable practitioner of the good–better–best pricing strategy is Apple Inc., which originally sold one model of iPhone in 2007, but by 2020, had adopted the practice of introducing good, better, and best models of iPhone and Apple Watch. Apple's competitors, such as Samsung Electronics, followed suit. [8]
However, in some cases when two subjects with equal qualities are compared, usage of superlative degree is not possible. For example, "Ram is as good as Shyam"—positive degree; "Ram is not better than Shyam"—comparative degree. Since Ram and Shyam are equally good, neither is superior which negates the usage of the superlative.
It is best to be on the safe side; It is better to be smarter than you appear than to appear smarter than you are; It is better to give than to receive; It is better to have loved and lost than never to have loved at all; It is better to cultivate a Land with two Bulls, rather working under Boss who never gives Wage when asked
One example of this might be a parkland valuation, where the appraiser has been instructed to ignore all other possible uses. Further, the highest and best use of a property can be a class of uses (such as retail or multi family), rather than a specific use (i.e. development of a fast food restaurant). [2]
Let's explain this with a real example: 🚗 Say you have a 2010 Ford sedan worth $3,000 and your full-coverage insurance (collision and comprehensive) costs $800 per year with a $500 deductible.
In this situation, their consumption of bread would have actually increased as a result of the price increase. Thus bread would be a Giffen good in this example. Investor Rob Arnott said in 2021 that the stock market is a Giffen good. Widespread interest in the market tends to increase during periods of rising prices for stocks and decrease ...
Hopefully, this list will show you that despite all the negativity, there is still some good in this world. #1 It Cost Zero Dollars To Mind Your Own Business Image credits: Pearl_Briggs