Course Outline

Introduction

Overview of Pricing Psychology

  • Importance of pricing
  • The pricing power of number nine
  • Price anchoring
  • Inviting price comparisons

Choosing the Right Price

  • Audience-matching strategies
  • The 99 effect
  • 95 versus 99
  • Avoiding odd-ending prices
  • Precision effect
  • Ego pricing

Presenting the Price to Consumers

  • Syllables effect
  • Adding cents
  • Adding commas
  • Verticality effect
  • Male-red effect

Framing Strategies for Pricing

  • Pennies-a-day effect
  • Spare change effect
  • Gain-framings and 9-ending prices
  • Time framing

Presenting the Product to Consumers

  • Providing compromise
  • Decoy effect
  • Descending order effect
  • Anchoring effect

Offering Product Sales and Discounts

  • Subtraction principle
  • Ease of discount computation
  • Percentage-based discounts
  • Relative size and relative distance
  • Verbal matching effect
  • Vertical and horizontal positioning
  • Left and right digit effects
  • Discount limits

Dealing with Additional Charges

  • Partitioned pricing
  • Presenting surcharges
  • Role of surcharge amount
  • Surcharge consolidation effect
  • Revers partitioning

Summary and Conclusion

Requirements

  • A general understanding of sales, marketing, and pricing
  • Interest in psychological theories and research for business

Audience

  • Entrepreneurs
  • Marketing staff
  • Sales staff
  7 Hours
 

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