Overpricing: meaning, definitions and examples
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overpricing
[ ˈoʊvərˌpraɪsɪŋ ]
business
The act of setting prices too high for the value of a product or service, often resulting in decreased sales and customer dissatisfaction.
Synonyms
excessive pricing, inflated prices, price gouging.
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| overpricing |
Used when the price set for a product or service is higher than it should be in a general sense.
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| inflated prices |
Refers to prices that have been increased to an unreasonable or artificial level, often due to external factors.
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| excessive pricing |
Often used in a formal or business context where the prices exceed what is deemed reasonable or fair.
|
| price gouging |
Has a negative connotation and is used to describe the act of raising prices to an unfair level, particularly during emergencies or shortages.
|
Examples of usage
- Overpricing can lead to losing customers to competitors who offer more reasonable prices.
- When the company was accused of overpricing their products, their reputation suffered.
- Customers are quick to notice when overpricing occurs and are likely to seek alternatives.
economics
To set the price of a product or service higher than its perceived value, potentially harming sales and customer loyalty.
Synonyms
charge too much, inflate the price, mark up excessively.
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| overpricing |
Similar to 'overpricing,' this refers to setting prices too high but can be used more as a general complaint about the high cost rather than a technical term. It usually carries a negative connotation.
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| inflate the price |
This phrase suggests that someone is deliberately increasing prices, often for deceptive or unfair reasons. It's commonly used in discussions about fraud, manipulation, or unethical business practices.
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| charge too much |
This is a more informal way of saying that someone is asking for too much money for their goods or services. It's commonly used in everyday conversations and can be perceived negatively.
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| mark up excessively |
This term is often used in retail or wholesale contexts where the standard practice is to apply a markup. However, 'excessively' implies that the markup is unreasonably high, often seen as unfair.
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Examples of usage
- Some businesses overprice their products in an attempt to maximize profits, but this strategy can backfire.
- Customers may feel deceived if they discover that a company is intentionally overpricing its offerings.
Translations
Translations of the word "overpricing" in other languages:
🇵🇹 superfaturamento
🇮🇳 अधिक मूल्य निर्धारण
🇩🇪 Überteuerung
🇮🇩 pemahalan
🇺🇦 завищення цін
🇵🇱 przesadzanie z cenami
🇯🇵 過剰価格設定 (かじょうかかくせってい)
🇫🇷 surtarification
🇪🇸 sobreprecio
🇹🇷 aşırı fiyatlandırma
🇰🇷 과잉 가격 책정 (gwahing gagyeok chaekjeong)
🇸🇦 التسعير الزائد
🇨🇿 předražení
🇸🇰 nadhodnocovanie
🇨🇳 定价过高 (dìngjià guò gāo)
🇸🇮 precenjevanje
🇮🇸 ofverðlagning
🇰🇿 бағаны асыра бағалау
🇬🇪 ფასების გადაჭარბება
🇦🇿 qiymətlərin çox artırılması
🇲🇽 sobreprecio
Etymology
The term 'overpricing' originated from the combination of 'over' and 'pricing', indicating the action of setting prices too high. It has been commonly used in the business and economic sectors to describe the negative impact of excessive pricing on consumers and markets. Overpricing can lead to market inefficiencies, consumer dissatisfaction, and loss of competitive advantage. Businesses that engage in overpricing may face legal repercussions and damage to their reputation.
See also: overprice, overpriced, precious, price, priceless, pricer, prices, pricey, underprice, underpriced.