Chacos: Price as an Indicator of Value
It's known that price depends on the product, brand, materials, and other factors. There are many different kinds of pricing strategies, each with different benefits and draw backs. When evaluating price form a consumer's standpoint, price, "is often used to indicate value when it is compared with perceived benefits" (Kerin). Because marketers know this phenomenon, they make sure to market the benefits of the good or service to consumers so they are able to make a value assessment on it. In the case of Chaco Footwear , a popular retailer of shoes and gear for use in the outdoors, marketing the benefits of their products is crucial to convincing consumers to pay relatively high prices for their products. Chaco specializes in durable, adjustable footwear, with the majority of styles targeted to water or mountain wear. That being said, they do have some products for daily city use. With their signature styles ranging from $95-$130, Chaco is banking on the perceiv