September 28, 2005: Headlines: Figures: COS - Peru: Business: Washington Pos: Fred Poses says companies can motivate consumers to spend more with new products that solve a problem
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September 28, 2005: Headlines: Figures: COS - Peru: Business: Washington Pos: Fred Poses says companies can motivate consumers to spend more with new products that solve a problem
Fred Poses says companies can motivate consumers to spend more with new products that solve a problem
If you can create value for the consumer, that consumer will pay," he said during the summit at Reuters New York offices. But "if the same feature is in A, B and C, there's going to be a tendency to buy the good vs. the better and best." Businessman Fred Poses, the President of American Standard Co., served as a Peace Corps Volunteer in Peru in the 1960's.
Fred Poses says companies can motivate consumers to spend more with new products that solve a problem
Consumers move up to higher-priced goods
By Karen Jacobs
Reuters
Wednesday, September 28, 2005; 2:32 PM
NEW YORK (Reuters) - Soaring oil costs have not stopped consumers from trading up to higher-priced products, whether it's plumbing, clothing or furniture, industry experts said this week.
[Excerpt]
Fred Poses, chairman and chief executive of plumbing fixtures maker American Standard Cos. <ASD.N>, said companies can motivate consumers to spend more with new products that solve a problem.
There's money to be made with products that cater to the most basic human needs. For instance, Poses said his company's Champion toilet, which sells for $250, eliminates the need for a plunger. The toilet, which sells at a premium to cheaper models that retail for under $100, is expected to have sales of about $100 million this year.
The new toilet has a plastic lifting device called a flush tower instead of a floating ball and chain, and Poses said it can remove 24 golf balls in one flush.
"If you can create value for the consumer, that consumer will pay," he said during the summit at Reuters New York offices. But "if the same feature is in A, B and C, there's going to be a tendency to buy the good vs. the better and best."
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Story Source: Washington Pos
This story has been posted in the following forums: : Headlines; Figures; COS - Peru; Business
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