Understanding consumer psychology informs successful business because it allows companies to better align their marketing and selling activities with what consumers want and are willing to part with their money for. Here are five important steps consumers go through while they decide what to purchase. We will examine each of these five steps: problem recognition, […]
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Pricing psychology refers to a collection of techniques businesses employ to influence customers’ purchasing decisions. This could involve anything from avoiding round numbers (e.g. prices ending in.99) to taking advantage of price bundling strategies. Pricing psychology can be an effective tool to drive sales while aligning with long-term goals and values. Psychological Pricing Persuading consumers […]
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