Exploring the land-based history of the Florida Keys is a rewarding and adventurous undertaking spanning dozens of primary islands. While not a commercial hub, the Keys did have a fair amount of trade activity even before a connecting railroad and highway were built. Before tourism was the major income earner, the Upper Keys were known for their Key lime groves and pineapple plantations, and there was a shark processing facility in the Lower Keys, as well as cigar factories in Key West. Moreover, thriving communities of fishers existed, as well as those who visited vessels downed in nearby reefs and salvaged the boats and their cargo. In many ways these “wreckers” functioned as an early Coast Guard, as they undertook numerous passenger and crew rescues.
Those visiting the Keys in search of history often start with Key Largo, which is the longest island in the chain and houses Tavernier, a community that grew to encompass a movie theater, drug store, and gas station in the early 20th century. A centerpiece is the Tavernier Hotel, now operated as a historic inn. For movie buffs, Key Largo has indelible associations with the 1947 film noir classic of the same name, featuring Lauren Bacall and Humphrey Bogart. It is possible to visit the coastal sites at which some of its scenes were filmed. Additionally, the African Queen, the boat that Bogart later skippered in a technicolor film of the same name, is housed at the Holiday Inn Key Largo Resort & Marina. The Lignumvitae Key Botanical State Park on Key Largo can only be accessed by boat, and contains a hammock of hardwood trees that includes lignum vitae trees that are 1,500 years old. A stone wall on the site is believed to have been constructed by Native Americans, and the tract also includes the residence of a pioneer family. Traveling by bridge to the Middle Keys, it’s worth stopping at a historical fishing village on Conch Key. The community contains cottages dating back to the 1920s and is still home to commercial trap and line fishers who maintain backyard ventures in much the same way they did a century ago. For archaeological enthusiasts, Marathon’s 63.5-acre Crane Point is the site of an ancient native village, and artifacts remain of prehistoric Bahamian and pre-Columbian settlements. The municipality of Key West is the primary destination for those in search of a flavor of the Lower Keys. One noteworthy site is the Ernest Hemingway House & Museum. Erected in 1851, it was home to the noted American author in the 1930s. The first residence on the island to feature a pool and indoor plumbing, the house contains Hemingway’s personal library, as well as antique furnishings such as a walnut chest dating to 17th century Spain. Numerous polydactyl (six-toed) cats also roam the house and garden, descendants of Hemingway’s beloved animals. Another local site worth visiting is the Harry S. Truman Little White House, which was erected as a naval station in 1890 and used as a garrison for soldiers across the span of the Spanish-American War and the two World Wars. As president in the 1940s, Truman made use of the location for family vacations and many of his belongings remain, now on display to the public. The facility has been used for rest and relaxation by several presidents in the decades since, including Dwight D. Eisenhower and Bill Clinton.
0 Comments
In marketing, perception is a powerful force. Brands leverage the power of perception to charge higher prices using a strategy called premium or prestige pricing. It hinges on the ability to create the perception that their offering is better than the alternative.
Many consumers believe expensive products or services are more valuable than inexpensive alternatives. Premium pricing leverages this perception, allowing companies to charge more for their products or services even though their offerings may not be better than others. However, premium pricing does not work for all products. To be willing to pay more, customers must believe that the product is high-quality or has superior design. Consumers also expect unique, limited-edition, patented, or luxury items to have higher prices. There’s also the peace of mind that comes with a proven product. If a brand has a reputation for making long-lasting products, it can charge higher prices, and most consumers who can afford to may buy because they believe the cost of repairs and maintenance is built into the price. Premium pricing also tends to work well in a marketplace with strong barriers to entry. In the high-end watch space, for example, manufacturers spend a lot on research and development of their products. This does not only lock out competitors but also justifies their high price tags. Perfectly executed, premium pricing can be a way to edge out the competition and boost the bottom line. It also results in high-profit margins for a product because the price of each unit sold would dwarf the cost of producing it. In addition, premium pricing boosts brand value due to its psychological effect. It leads buyers to convince themselves that they’re part of a select few who can afford such an expensive product. This can earn a brand a loyal customer base. Premium pricing also raises the barrier to entry. Building an authentic perception of high value consistently (and actually delivering the quality to satisfy such expectations) is no mean feat. As such, companies that use premium pricing spend a lot on marketing. This can be off-putting for a would-be competitor that is unable or unwilling to spend just as much or even more to compete. The prestige pricing strategy is not without disadvantages. Premium-priced products are not meant for the mass market. Depending on the price level, the consumer pool that can afford to pay a premium price for a product may be limited. A company that sells similar products at a lower price has access to a larger market share and can make more sales than the high-end one. Premium pricing is not just about creating perceptions of high value. A company must actually build the story into the product itself. Take high-end BMWs, for instance. A buyer of a BMW expects superior safety, interior, and technology features to match the premium price. As such, premium pricing invites high development costs. Pricing is a major consideration for most consumers. It may not work well for mundane, low-involvement products that fulfill a need, like toothpaste. But for high-involvement product categories like luxury cars, the prestige pricing strategy is worth exploring. |