HOW CAN YOU DETERMINE THE PRICE OF YOUR PHONES

1^st November '17

With the advancement in technology, everyday new items are released faster in the market. These products are more advanced with better features than their predecessors. Thus, with the launch of these products, people are more and more attracted towards them. Mobile or Smartphone technology is perhaps the fastest advancing technological product in the market that has become the basic necessity for all. This basic necessity also provides new and improved features with every new release, irrespective of the company or brand. This attracts the user to acquire the more advanced version to attain better features.

These new and advanced phones are also at relatively higher prices, but the basic thing to remember about technology is that a better version will eventually come into the market, degrading the price of predecessor; the prices of the previous version of the product will eventually decrease. This decrease in price is a blessing for many users as these phones, although with older features, are still robust technologies and become affordable for them. However, the price tag attached to these newly released phones becomes competitive with other brands. Thus, the purchase and exchange is a frequent operation in the Phone market. This trade is increasing day by day with the increase of phone users. However, the real problem for people is to know the price of a phone or the cost as there are many phone companies, each one determining its own prices. So for a novice customer not to spend too much on a phone and still get all the features, they would need to have the correct market knowledge.

Following are some of market aspects that should be considered during purchase:

 

1.     Competitive Market Value:

It would be just silly to think that all the phone companies offer the same features. Every company’s technology has its strengths and weaknesses as some offer better hardware support i.e. processor, memory, camera etc., some offer better software and GUI while others offer better or additional features such as additional sensors. Now for the phone that appear of offer similar features and are at different prices may have a difference in the software or hardware quality. So the best way to determine what these phones actually offer is to compare the price of other phones offering the same features, software, and hardware – also taking into account the quality. These competitive market prices are a giveaway to whether a phone company is charging too much for their product. Try looking at Websites dedicated in Mobile technology like http://www.mobilegeeks.ca to get the latest information about the device that you wish to sell or acquire.

2.     Retail Value:

The retail value is the direct price at which the phone company sells the product to their customer without any intervention of a third party. This retail price is the first cost of the phone determined by the company at the time of release of the phone. It is different than the market value of the phone as the market value take other features into account as well. As certain brands of phones offer better features and quality, their market value is considered more than their retail price; when this comparative analysis is not present then retail price plays a very important role in the selection of the right phone to purchase. Retail price is also important as not many people can afford the expensive price laid out by popular brands and choose cheaper phones.

3.     Current Carrier Resale Value:

For many people buying a used phone is a good bargain. However, that depends on the condition of the phone and that condition depends on how well maintained the carrier keeps it. Apart from that, certain brands offer better life and are expected to work fine for a long time even if the experience is not firs hand. And these phones are often even better in terms of life and performance than cheaper versions and are thus more economical. Thus the resale value for these phones are higher as their quality is better and less easily deteriorated. And the resale price has an effect on the selling price and the retail price of these phones and due to higher resale price they are also higher.

4.     Selling Value of the Device:

Though the retail value entails the company’s selling price to customer, the selling value of the device is independent of the prices laid down by the company. They are the actual price of the phone, determined by phones having related features. It represents the cost that goes into the making of the phone that could be the entitled price a third party retailer might use.

We evaluate your phone’s prices on the best parameters. If you have any questions, don’t hesitate to email us at info@cashinyourphone.ca.

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