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Tag: price perception

How retailers can improve price perception–profitably | McKinsey & Company

How retailers can improve price perception–profitably | McKinsey & Company

New methodologies, powered by big data and advanced analytics, can help retailers attract value-conscious consumers without sacrificing margins. As retail executives know all too well, most pricing decisions require a trade-off between margin and price perception. To avoid a “race to the bottom”—the self-defeating exercise of trying to beat every competitor’s price on every item—retailers […]

Paper: Compilation – Consumer Inferences and Processing of Price Information | American Marketing Association

Paper: Compilation – Consumer Inferences and Processing of Price Information | American Marketing Association

Selections from Journal of Marketing​ June 2014 | Pricing The importance of price with regard to consumer store and brand choice decisions cannot be overstated. However, a widely known truth among marketing practitioners and academics alike is that consumers do not respond to price per se; rather, they respond to their mental representations of price. Thus, […]