The Price is Right: 12 products and how their prices have changed over the last 100 years

The Price iS Right:12 PRODUCTS AND HOW THEIR PRICES HAVE CHANGED OVER THE LAST 100 YEARS

When it comes to finding the right price for your product or service, there is no formula and no single correct answer. Even within the same industry, what works for one company won’t necessarily work for the next. !Pricing products correctly is an art. It requires an awareness of the market as it currently exits, the vision and ability to see a market as it could or will be, and the logic to decide on a figure that will cover costs, send a message and maximize sales. !This look back through history proves that the price of products is never set in stone. From electronics to food and appliances, very few products have remained in the same price range when compared to their original counterparts.

Read more: What You Cannot Afford to Forget

When Pricing Your Products

Each of the following slides is broken down into three elements:

What it Was:

This was the original price of the product when it was first released

In Today’s Dollars:

Using the Consumer Price Index inflation calculator, you can see the

equivalent price of the product if it were released today

Now:

This is the price of the most comparable product that is available today

What It Was:

Now:

2001

$400 5GB iPod Classic

$535

$199.00 16GB iPod Touch

In Today’s Dollars:

Now:

1983

$3,995 Motorola DynaTac 8000X

$9,495.59

$649.99 Motorola Nexus 6

Fun Fact: The FALCON luxury line sells the iPhone for $95 Million, and includes a pink diamond

What It Was: In Today’s Dollars:

Now:

1982

$795 EPSON HX-20 The first “laptop”

$1,950.31

$250 - $499.99 Average price range

What It Was: In Today’s Dollars:

Now:

1913

$525 Ford Model T

$12,554.18

$18,460 2015 Ford Focus

What It Was: In Today’s Dollars:

Now:

1972

$100 Magnavox Odyssey

First video game console

$566.35

$499 Xbox One

What It Was: In Today’s Dollars:

Now:

1936

$12.50 Argus A Camera

$212.89

$25 - $100 Standard price range for a digital camera

What It Was: In Today’s Dollars:

Now:

1955

$0.25 McDonald’s

Burger (0.15) & Fries (0.10)

$2.21

$2.29 McDonald’s Cheeseburger and Fries *Drink not included

What It Was: In Today’s Dollars:

Now:

1965

$3,200 Olivetti Programma 101

First “desktop” PC

$24,049.37

$800 Average price for a full desktop PC, including monitor, keyboard, and mouse

What It Was: In Today’s Dollars:

Now:

1929

$90 Delta Airlines

Round-trip Ticket: Dallas, TX - Jackson, MS

$1,245.98

$327.20 Round-trip Ticket Dallas, TX - Jackson, MS

What It Was: In Today’s Dollars:

Now:

1939

$600 RCA

TRK-12 TV set

$10,218.82

$1,099.99 RCA 65” 120Hz HD LED TV

What It Was: In Today’s Dollars:

Now:

1925

$145 Maytag

“Gyrafoam” Washer

$1,961.53

$599 Maytag Traditional Washer

"OurHoliday 031" by Apached - Own work. Licensed under CC BY-SA 3.0 via Wikimedia Commons

What It Was: In Today’s Dollars:

Now:

1915

$10 White Cross

Electric Hair Dryer

$234.39

$25 - $49 Average price range

What It Was: In Today’s Dollars:

Your complete guide to planning!and running a business.