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The operative word here is "worth". How do we measure what something (in this case a handbag) is worth? Well, that largely depends on what attributes we value.

Let us ponder an example. Fiona buys a Coach handbag for $300 and is quite pleased with the purchase. After all, she had been eyeing it for quite some time at the Coach boutique at her local shopping mall and then snagged it on eBay for $50 less than the boutique price (even after she paid shipping charges). She is thrilled to have received such an extraordinary product (she values name brands and is extremely brand loyal in all purchases - clothing to detergent) at such a great price (relative to the price for the same product at the boutique).

Fiona also values her image. She is a young executive and looking the part is as important as being the part. She is well-versed in the high-end brands of clothing and accessories and outfits herself in these brands almost exclusively. This image value is far more salient than other product attributes such as durability, practicality and true material worth.

In Fiona's world, the question of whether the Coach handbag is worth the money isn't even at issue. Sure, she's smart enough to get the best price for it (more money left for that Chanel pencil skirt!) but at the end of the day she's going to buy it regardless.

Learn more about this author, Tania Lawrence.
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