Episode #0011 – What Is Price Gouging And Is It Always Wrong?
In this episode of Pricing College – we have previously introduced cost plus pricing – but now want to cover 5 reasons why it is a flawed pricing system.
TIME-STAMPED SHOW NOTES:
[00:45] During Covid we have seen price increases on sanitiser, masks and other items
[01:10] Gouging is increasing prices to exploit peoples immediate need.
[01:30] Australians would have done anything for toilet roll. People will do anything for a product or service at a point in time.
[02:00] It is perfectly ok for a business to make money – and customers accept that.
[03:20] Customers always hate price increases.
[03:50] Aidan says it is gouging if customers feel so exploited that they will never go back.
[04:50] It is gouging is customers can not get a product or service elsewhere – and if they really need it.
[05:30] It is a more complex question as regards medical supplies – and will be left for a later episode.
LINKS MENTIONED IN TODAY’S EPISODE: