A simple calculation of the average value of wood you can buy from any retailer will show you what someone who does not work in the industry can make on a good day. According to the average rate paid (averaging about £8.05) at a variety of retailers, this is $45.
There are many companies making similar products and selling them for a similar rate but there is actually a huge variation of costs between the different suppliers.
The cost of wood varies so much that you can often avoid going to a shop altogether by buying it from someone online.
One very important aspect is what we would call price sensitivity. This refers to the fact that different companies, having seen the same product with different characteristics, have different values for it – something people can often’t easily see in price.
In other words, the price to quality ratio isn’t the same as it is for some items. And there’s a vast difference between the price of a product with a high quality finish and one with a matte finish, or a very thin sheet of glass.
For such products, the difference can be huge.
Take some of the examples below – some are more straightforward than others:
Here are some common products in their price category. All items have a high level of quality, with no one item out of place.
A $25 car stereo or stereo with an amplifier at $10 per speaker. You’ve got to compare these. (Note: there are a few examples I have omitted but this is a good starting point, with examples available at the top of the page.)
A very good quality wine glass at £8.45 at a retailer. If you are careful you can usually get one for less than £5.
A $100 piece of fine sandpaper at $8.00.
A $60 pair of earrings at $7.50.
A $400 bottle of wine costing $15.00.
If you can’t find a good price on any of the above, there’s nothing in the world you can do about it. However, there are two things you can do:
1) If you want to be reasonably sure, then go to a local retailer and ask for advice.
2) Have a look at online retailers, especially at the top end of the price spectrum.
For example, most online retailers don’t even use the $7.50 price level – prices are
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