The product people really want often isn't on the market at all. I speak of a product that is:
- Mass produced at scale
- High quality and will "last a lifetime" (a long time)
- Repairable when it breaks down
I believe that many people would happily pay a 20%, 50% or even 100% markup for such a product, but often often all of the available mass produced options are shitty quality (and the choice is between a bargain option or a "premium" option that is just as crappy quality but costs more because of the brand name). There might be a "boutique" hand-crafted alternative, but it will cost 5-10x more.
The other problem is imperfect access to information. Even where there is superior alternative on the market, it is often very difficult for consumers to determine which one it is. Which means they can't choose it. Which further means, there is no incentive for manufacturers to produce it.
I don't know that this is realistic. Like you recognize, there ARE usually boutique higher quality products - at significantly higher prices. There are also nearly always product management-based, "higher end" product lines. And the quality of these is only sometimes better. And they are not often repairable probably.
I think there is a significant issue with achieving "Mass produced at scale" together with "lifetime and repairable (ie, parts available and easy to replace)". Without people going out of their way to be evil, see lightbulb lifetime mgt, it's easy to be too expensive to miss the "mass produced" window, and your price might be much higher. Not just 20% higher.
Chinese companies built massive factories to corner the market on specific products. Years ago, see the halogen torchiere market. Suddenly the world was flooded with torchiere halogen lamps for an insanely low price. ... a price so low that nobody could really complain that spare parts were not available. These stunts must have been very expensive. An all or nothing bet on a market.
Nowadays, you get factories that make ALL the models of, say, steam irons for basically ALL the brands. These factories take care of some of the issue of quantity-related low price, by sharing parts and processes between all these brands. But could they be competitive in price on smaller runs of steam irons with replaceable parts? Plus the cost of stocking and distributing these parts? I don't know.
- Mass produced at scale
- High quality and will "last a lifetime" (a long time)
- Repairable when it breaks down
I believe that many people would happily pay a 20%, 50% or even 100% markup for such a product, but often often all of the available mass produced options are shitty quality (and the choice is between a bargain option or a "premium" option that is just as crappy quality but costs more because of the brand name). There might be a "boutique" hand-crafted alternative, but it will cost 5-10x more.
The other problem is imperfect access to information. Even where there is superior alternative on the market, it is often very difficult for consumers to determine which one it is. Which means they can't choose it. Which further means, there is no incentive for manufacturers to produce it.