Last month, Apple unveiled its new iPhone X to much fanfare. Perhaps what created the most fanfare was its price. It starts at $999 — hundreds more than the older iPhone 7 and the brand-new iPhone 8. You don’t need a Ph.D. in Economics to understand the logic behind Apple’s pricing strategy. It’s simple. Apple hopes that for many, owning a high-priced phone will become a status symbol, much like owning a luxury car. In short, having an iPhone X broadcasts prestige, prominence and stature.
Originally published October 16, 2017
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