How do some businesses that overprice their products still survive even with overpriced products?

[Kera]

I went to a restaurant today and a plate of food was sold for $50. And people were patronizing and buying as if it is just $10. I was really amazed. It I'd not as if the food is different from the regular restaurants that $10 can afford you a plate of meal.

What is the strategy that businesses that overprice their products use to survive?

 

[Fidelia]

Those businesses that overprice their products have their target markets and they find a way to reach them. Their services are tailor made for the wealthy.

 

[Augusta]

They do understand what the rich desire and they inculcate it into their business to meet the target audience demands. it might just be the ambiance or taste of their food

 

[Springtime]

Businesses which overprice products usually package their products as if they are premium products. This is to target the financially well-off audience.

 

[eLdavis]

The truth of the matter is no matter how expensive a product might be, there is always an audience who can afford it.

 

[King Belieal]

It is not really about the product but it is he way the product is delivered. And businesses that offer that exclusivity would overprice and sell for the rich.

 

[neku]

Sometimes the business owner is very well connected to powerful politicians or government employees, so people purchase to get help indirectly from these people.

 

[Kross]

Sometimes the business owner is very well connected to powerful politicians or government employees, so people purchase to get help indirectly from these people.

That's true. It is very wealthy people that patronize such highly priced products for them to stay in business.