Benefits of Inferior Quality Products in Short Lifecycle

The price of the products has always played a major role in perceiving the quality of the product in the consumer’s mind. People want to have a good quality of product at the lowest possible price. (Dodds et al., 1991; Alfred, 2013; Shirai, 2015). However, for companies, it is a challenging thing to fulfil such desires of consumers. Apart from the price, there are other factors of the product which influence the consumer buying behaviour. Homburg et al. (2015) have observed that certain characteristics of a product like the packaging, design, brand induces consumers to buy a low-quality product at a comparatively high price. Despite having known these factors, there is still a research gap in how a low-quality product can be advantageous. (Schubert, 2017).

The consumer is convinced about purchasing a product with low quality, design factors. It is the general behaviour of a consumer to replace the existing product with a new one before the former gets old or start having problems. The technology and fashion industry are the top representative industry for the fast product update (Zhou et al., 2015). Fast product updating is a scenario in which the product or the technique has a short life cycle as the product gets updated at a very fast pace. In today’s scenario, the fashion and technology industry is the major player for fast updates among teenagers and the youths. The marketer of these industries is seeing the market with the philosophy of “Today’s newspaper is tomorrow’s trash.” Clothes are being purchased at a high rate which increases the income of the company (Bhardwaj and Fairhurst, 2010). Hence the clothes with new designs are brought into the market for a very short time to make the consumer do impulsive shopping (Foroohar and Stabe, 2005) which leads to a consumer having many idle fast fashion products at home, which leads to having a short life cycle of the product. In the technological world, the life cycle of a product is between one to two years or even less than that which is the result of acceleration in technology development. Hence, the above statements conclude that the fashion and technology products consist of fast product update speed. Thus, to exist at this fast-changing pace it is very risky and unbearable for the companies to invest high in the development of the product. So, the companies choose to provide low-quality products to cut down some costs.

The link is between a customer’s perceived value about a product and the product quality. It has also been observed that along with the price, the design of the product also plays a significant role in convincing a customer to purchase a low-quality product. This paper has the significance of showing the fast-changing fashion, technology industry covering other industries also.

As indicated by Schubert (2017), the low earnings will be influenced more by the inferior quality benefit than top-level salaries. On account of quick design items and electronic items, the amount of deals is the vital factor for high benefit. To draw in most clients, low wages ought not to be overlooked. They address an enormous populace base and in this way sizable buy power. Additionally, inferior quality items can in any case have generally excellent insight or plan, which can address a portion of clients’ issues. Also, as per Zhou et al. (2015), the speed of progress popular for quick style and electronic items can be exceptionally quick, so this will prompt interior rivalry between ages. In this way makes additional expenses for the organizations. Thusly, the quicker offer of items will assist organizations with diminishing the stock weight.