When Making a Purchase, Is The Price Always Right?
“The Price is Right” phrase is known throughout the country and likely beyond. But, when applied to your purchase power and not a television show, is the phrase always accurate?
As a business owner, you are likely both a buyer and a seller. You sell your goods or service, that is why you are able to slot yourself into the business owner category. And, likely, you may need to purchase items, whether to sell or to enhance your brand such as business cards, equipment, raw materials, etc. What do you do when you feel or know that the price you are being charged does not seem accurate? Do you simply just pay it to not rock the boat with a supplier or do you question them? And, if the latter, what is your approach?
Recently, I experienced a couple of different situations around this topic. One was at a restaurant and when I picked up the to go dinner, it was much more expensive than the prices on the Menu on their website. Now, I did have a gift certificate that was given to me as a birthday present, and given what this particular industry has experienced as a result of the Coronavirus Pandemic recently, I just took the couple dollars worth of change and left. I did, however, make a note that if I frequent that restaurant again, sans a gift certificate, I would inquire about the pricing versus the listed Menu online. This is not to create any confrontation with the restaurant but more or less to bring it to their attention and nicely suggest they update their online information. This would allow me, and anyone else, relying on information on their website to ensure it was up to date and accurate. And, obviously, to adjust my expectations when it came to payment.
Another situation involved a place I have been doing business with for years. In this case, there was a newer employee who handled my transaction. When I asked for a specific price on a new item I had sampled before, the price given to me seemed well out of the normal ballpark for a product of that type, size, and quantity. I decided to not make the purchase and waited for the owner to be available. The owner confirmed the employee did not provide me with the correct information. I was relieved as I was concerned their distributor might have been taking advantage of the inventory shortages that have occurred globally around price gouging.
The basic premise of a business economic class is always about Supply & Demand. The more the demand and the less the supply, the more the price increases. And this can be applied to any service or good of which there is more demand than supply. It is not just large scale items like gasoline or toilet paper or paper towels or hand sanitizer. It can impact you as a buyer of goods, whether for your business or your personal use, at any level.
If you do not think “the price is right”, say something. Be thoughtful in your approach, and regardless of the reason, know the seller has the right to sell at the price that makes sense for them. If it is beyond your reach, shop around, let the seller know, and continue to trust your initial reaction. Unless the implications of paying more are not consequential to you, you should ask about price and be better informed about how it was arrived at for any purchase.
Be like Biko the Barbet in our Blog Photo, shopping for himself at a store in The Netherlands, contemplate your interaction and its consequences. Being a more informed shopper, whether on the wholesale or retail level, makes for an overall better business experience.
Be well.
