the price is right: 12 products and how their prices have changed over the last 100 years
TRANSCRIPT
When it comes to finding the right price for your product or service, there is no formula and no single correct answer. Even within the same industry, what works for one company won’t necessarily work for the next. !Pricing products correctly is an art. It requires an awareness of the market as it currently exits, the vision and ability to see a market as it could or will be, and the logic to decide on a figure that will cover costs, send a message and maximize sales. !This look back through history proves that the price of products is never set in stone. From electronics to food and appliances, very few products have remained in the same price range when compared to their original counterparts.
Read more: What You Cannot Afford to Forget
When Pricing Your Products
Each of the following slides is broken down into three elements:
What it Was:
This was the original price of the product when it was first released
In Today’s Dollars:
Using the Consumer Price Index inflation calculator, you can see the
equivalent price of the product if it were released today
Now:
This is the price of the most comparable product that is available today
Now:
1983
$3,995 Motorola DynaTac 8000X
$9,495.59
$649.99 Motorola Nexus 6
Fun Fact: The FALCON luxury line sells the iPhone for $95 Million, and includes a pink diamond
What It Was: In Today’s Dollars:
Now:
1982
$795 EPSON HX-20 The first “laptop”
$1,950.31
$250 - $499.99 Average price range
What It Was: In Today’s Dollars:
Now:
1972
$100 Magnavox Odyssey
First video game console
$566.35
$499 Xbox One
What It Was: In Today’s Dollars:
Now:
1936
$12.50 Argus A Camera
$212.89
$25 - $100 Standard price range for a digital camera
What It Was: In Today’s Dollars:
Now:
1955
$0.25 McDonald’s
Burger (0.15) & Fries (0.10)
$2.21
$2.29 McDonald’s Cheeseburger and Fries *Drink not included
What It Was: In Today’s Dollars:
Now:
1965
$3,200 Olivetti Programma 101
First “desktop” PC
$24,049.37
$800 Average price for a full desktop PC, including monitor, keyboard, and mouse
What It Was: In Today’s Dollars:
Now:
1929
$90 Delta Airlines
Round-trip Ticket: Dallas, TX - Jackson, MS
$1,245.98
$327.20 Round-trip Ticket Dallas, TX - Jackson, MS
What It Was: In Today’s Dollars:
Now:
1939
$600 RCA
TRK-12 TV set
$10,218.82
$1,099.99 RCA 65” 120Hz HD LED TV
What It Was: In Today’s Dollars:
Now:
1925
$145 Maytag
“Gyrafoam” Washer
$1,961.53
$599 Maytag Traditional Washer
"OurHoliday 031" by Apached - Own work. Licensed under CC BY-SA 3.0 via Wikimedia Commons
What It Was: In Today’s Dollars:
Now:
1915
$10 White Cross
Electric Hair Dryer
$234.39
$25 - $49 Average price range
What It Was: In Today’s Dollars: