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I worked at L’Oréal. The cosmetics from L’Oréal and Lancôme are practically the same. But Lancôme costs like $20 more.
My ex worked for another huge brand that made lotions. They put the exact same lotion into bottles with 3 brands at different price points.
People attach a value to the price, so if they only sold it at the lowest price point, some people would think it’s cheap and they would lose sales. If they only sold it at the highest price point, they would be pricing it too high for other individuals and lose sales.
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