I get a lot of questions about pricing.
Should I start with our most expensive item first?
Should I use precise prices instead of rounded ones when negotiating?
Should I name competitors when comparing prices?
Today, with pricing expert Dr Markus Husemann-Kopetzky we work through eight different psychological pricing tips in just 24 minutes.
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Today’s sources:
Bertini, M., & Wathieu, L. (2008). Research note—Attention arousal through price partitioning. Marketing Science, 27(2), 236–246.
Bolton, L. E., Warlop, L., & Alba, J. W. (2003). Consumer perceptions of price (un)fairness. Journal of Consumer Research, 29(4), 474–491.
Janiszewski, C., & Uy, D. (2008). Precision of the anchor influences the amount of adjustment. Psychological Science, 19(2), 121–127.
Kim, H. M., & Kramer, T. (2006). The moderating effects of need for cognition and cognitive effort on responses to multi‐dimensional prices. Journal of Marketing Research.
Krishnan, B. C., Biswas, A., & Netemeyer, R. G. (2006). Semantic cues in reference price advertisements: The moderating role of cue concreteness. Journal of Retailing, 82(2), 95–104.
Suk, K., Lee, J., & Lichtenstein, D. R. (2012). The influence of price presentation order on consumer choice. Journal of Marketing Research, 49(5), 708–717.
Thomas, M., Simon, D. H., & Kadiyali, V. (2010). The price precision effect: Evidence from laboratory and market data. Marketing Science, 29(1), 175–190.
Tversky, A., & Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. Science, 185(4157), 1124–1131.
Wansink, B., Kent, R. J., & Hoch, S. J. (1998). An anchoring and adjustment model of purchase quantity decisions. Journal of Marketing Research, 35(1), 71–81.
