<P> Prestige goods are usually sold by companies that have a monopoly on the market and hold competitive advantage . Due to a firm having great market power they are able to charge at a premium for goods, and are able to spend a larger sum on promotion and advertising . According to Han, Nunes and Dreze (2015) figure on "signal preference and taxonomy based on wealth and need for status" two social groups known as "Parvenus" and "Poseurs" are individuals generally more self - conscious, and base purchases on a need to reach a higher status or gain a social prestige value . Further market research shows the role of possessions in consumer's lives and how people make assumptions about others solely based on their possessions . People associate high priced items with success . (Han et al., 2010). Marketers understand this concept, and price items at a premium to create the illusion of exclusivity and high quality . Consumers are likely to purchase a product at a higher price than a similar product as they crave the status, and feeling of superiority as being part of a minority that can in fact afford the said product . (Han et al., 2010). </P> <P> A price premium can also be charged to consumers when purchasing eco-labelled products . Market based incentives are given in order to encourage people to practice their business in an eco-friendly way in regard to the environment . Associations such as the MSC's fishery certification programme and seafood ecolabel reward those who practice sustainable fishing . Pressure from environmental groups have caused the implementation of Associations such as these, rather than consumers demanding it . The value consumer's gain from purchasing environmentally conscious products may create a premium price over non eco-labelled products . This means that producers have some sort of incentive for suppling goods worthy of eco-labelling standard . Usually more costs are incurred when practicing sustainable business, and charging at a premium is a way businesses can recover extra costs . </P> <P> Demand - based pricing, also known as dynamic pricing, is a pricing method that uses consumer demand - based on perceived value - as the central element . These include price skimming, price discrimination and yield management, price points, psychological pricing, bundle pricing, penetration pricing, price lining, value - based pricing, geo and premium pricing . </P> <P> Pricing factors are manufacturing cost, market place, competition, market condition, quality of product . </P>

What is the demand price of an item
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