Seriously? That's certainly not what I learned in business school or in the real world.
pres·tige (noun)
- widespread respect and admiration felt for someone or something on the basis of a perception of their achievements or quality.
- denoting something that arouses respect or admiration.
- referring to a good reputation or high esteem.
- reputation or influence arising from success, achievement, rank, or other favorable attributes.
What is prestige in business?
Definition: Prestige pricing is a marketing strategy that involves keeping a high price for a product or service to communicate high quality or luxury. It is a technique often employed for high-end products since low prices can be translated into low quality by target consumers. Prestige products are items that are perceived as being very high quality and thus warrant a higher price based on the added value that the purchaser feels they will obtain from the product.
Good thing these are poker chips, and not the result of a marketing strategy.... or we'd have to raise the damn prices.