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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.
Tim Smith, PhD is the Managing Principal at Wiglaf Pricing, Adjunct Professor of Marketing and Economics at DePaul University, and Academic Advisor to the PPS Certified Pricing Professional program. Smith focuses on the use of quantitative and qualitative research to enable firms to drive profitable top-line revenue. He began his career as a research scientist in quantum mechanics before his interest in transferring technological advances to societal implementations led to pursuits in business strategy.
Smith holds a BS in Physics and Chemistry from Southern Methodist University, a BA in Mathematics from Southern Methodist University, a PhD in Physical Chemistry from the University of Chicago, and an MBA with high honors in Strategy and Marketing from the University of Chicago GSB.