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Influencing Customer Price Acceptance

Influencing Customer Price Acceptance

Why is raising prices so difficult but lowering prices so easy? What can marketing communications and sales do to improve price capture? What kinds of switching costs affect pricing? Why do prices end in nines? Why do mattress salesmen show customers outrageously expensive beds first prior? Why are price cuts easy but price increases hard? How do customers think about prices and what can a company do to influence their expectations positively?

In Influencing Customer Price Acceptance, Tim will explore over 17 different economic, perceptual, behavioral, psychological, and neurological influences to customer price perception. Some of these factors can be influenced by the actions of sellers, others are inherent within buyers, and still others are impacted by competitors. Yet all are important in understanding and influencing customer price acceptance.

This Online Course addresses pricing issues in business and consumer markets and is appropriate for pricing, marketing, sales, and other senior executives.

Duration: 292 minutes

Attendees will learn:

  • Hidden economic effects influence customer purchase behavior and price perceptions

  • Customer perception challenges that influence how customers perceive prices

  • Why prospect theory accurately predicts challenges customers have in making rational tradeoffs between price and value

  • How anchoring and slow adjustment drive price expectations

  • Implications of prospect theory in consumer behavior, including anchoring, endowment effects, framing, and more

  • How trust is defined within the buyer’s mind

Tim Smith, Ph.D.

Managing Principal of Wiglaf Pricing

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