It's not all about price
| THE BIG IDEA 60 seconds to change the world |
When consumers are making purchases, they should consider more than just the price.
There is a tendency in this information age to compare prices, and say whichever company will sell me this product at the cheapest price, must be the one that I should purchase.
But people carry this too far, to the point where the competition on price is so severe that there is no margin of error for companies to, for example, innovate with new products or new ways of doing things.
Or more importantly, to put effort into customer service - answering their telephones, or helping to resolve a client's complaint.
 | FROM BBC WORLD SERVICE  |
Or ethical and environmental considerations, such as whether they treat their employees well, or do charitable works for their communities.
I think there is a real sense that everything else has to get pushed out because we are just competing on the basis of price.
Whereas if people consider these other factors - even just a little bit and say OK, maybe we should go for the company with good customer service - then the companies would have to do better. And it would help make the world a better place for all of us.
Jeffrey Rosenthal is the Professor of Statistics at the University of Toronto.
Below is a selection of your comments.
Sorry, but don't most of do this? My 90 year old gran on benefits goes to the corner shop rather than Asda (where she is offered a lift every week) because she gets to chat to the ladies behind the counter. I shop at Poundland, Wilkinsons and Waitrose - and find that each shop offers good and bad service, if you reciprocate. Clare L, St Albans
Buy cheap, buy twice! That is something that sticks in my mind when I purchase certain goods. I would pay a little extra here and there to ensure better customer service though when looking at the way companies treat their employees, that's a different story. Price of goods does not directly equate to better employee treatment or other factors surrounding, just look at Asda, consistently providing a good service to its employees and customers. Pay
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