Tag: price anchoring

The SeaChange in Pricing Research…. | Medium

The SeaChange in Pricing Research…. | Medium

Few decisions impact the bottom line of a product or service more than those involving price. Price too low and a company could be leaving significant sums on the table and risk forever scarring their brand reputation according to the popular axiom that “Price Connotes Quality”. Price too high and be prepared to revise your […]

Anchoring should be a mainstay of pricing research | Research Live

Anchoring should be a mainstay of pricing research | Research Live

Understanding the core principles of anchoring can not only shed light on how consumers perceive price, but aid researchers in conducting pricing research, says Shamvir Singh. A core part of behavioural economics is the ‘anchoring principle’. Anchoring occurs when consumers use an initial piece of information to make subsequent judgments. Once an anchor is set, other […]

Pricer’s Points: Pricing market research is not always about the price | Bryan Belanger

Pricer’s Points: Pricing market research is not always about the price | Bryan Belanger

What we’ve found over the years doing this work is that pricing in the ICT space is often more art than science, and that customer anecdotes about pricing are often as valuable and instructive to pricing strategy as the market pricing data sets produced. Our approach to pricing research is rooted in interviews with representatives […]

Pricer’s Points: Pricing research – when to use it and how to improve it | Nicola Warrington

Pricer’s Points: Pricing research – when to use it and how to improve it | Nicola Warrington

There was an interesting article last week in Research Live about the gamification of pricing research arguing that traditional approaches need to be more engaging in order to improve data quality, limit respondent bias and reduce the rationalisation of responses. Improving traditional approaches and respondent engagement can only be a good thing but the underlying […]

Training: The Psychology of Pricing (Tutorial) | Tuts+

Training: The Psychology of Pricing (Tutorial) | Tuts+

Do you want to know how to price your products more effectively? Choosing the right price is a common problem for business owners, particularly in new or rapidly-changing fields, where prices are not set in stone. A popular approach is just to copy or try to undercut your competitors, but there are smarter ways. Academics […]