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The Psychology of Price and Why It Matters (CPG561V)

Presented By : James Dion
(*) Single User Price. For multiple users please call 1-800-223-8720
Pre Recorded Webinar
60 minutes
  •  Thu, May 5, 2016
Event Description

Understand How Consumers Perceive and Process Price Information

Yes, price is just a number but consumers appear to be obsessed with it. Price can have psychological and even physiological effects on price obsessed customer - it can infuriate, surprise, sadden or delight us and it often confuse us. Price consideration can even block the thinking part of our brain leading us to make poor business and buying decisions. There are still almost half a billion dollars in unused daily deals (deals that were bought but never used) which is sufficient proof that for some price obsessed consumers, getting a deal is more important than getting a product, the thrill is in the hunt for these consumers.

What should companies do to appeal to the price-obsessed consumer? There are at least ten price strategies that sellers can deploy to win the customer's mind, heart and wallet which don't involve lowering prices but rather presenting the price properly. You can explain the fair price to the consumer and 'packaging' the price and the products that it is associated with in such a way so that the customer truly feels that they got the best deal ever.

In this webinar with expert speaker James E. Dion you will learn more advanced methods to reduce the impact of profit robbing price decreases. Pick up the key to and delve deeper into the minds of consumers to learn how they perceive and process price information. This session will help you discover at least five additional price strategies that you can deploy with success.

Session Highlights:

  • The concept of Cognitive Dissonance and the relationship to how consumers feel about fair price
  • How to explain why you have set the price you have and what specific words to use in that explanation with effective price strategies
  • What price anchoring is and how it effects consumers perceptions of a fair price
  • What emotions are in play with the consumer regarding fair price and how to make those emotions work in your favor
  • How to prevent the price obsessed customer from challenging price with easy to deploy pricing strategies
  • Race to the bottom: the price strategy not as effective as retailers thought
  • Pricing fears and their responses
  • Price strategies are no more the primary focus. What then, solves competitive and customer related problems?
  • The price psychology and how to get there

Who Should Attend

The ideas and concepts discussed in this session will be relevant to:

  • Marketing Managers
  • Buyers
  • Assistant Buyers
  • Merchandiser
  • Store Owner
  • Store Manager
  • VP Stores
  • VP Marketing
  • Category Manager
  • Wholesale Buyer
  • Distributor
  • Manufacturer’s Representative
  • Pricing Manager
About Our Speaker(s)

James Dion, Retail Industry Trends ExpertJames Dion
James Dion (Jim), founder and president of Chicago-based Dionco Inc., is an internationally known Retail Speaker & Trainer, Retail Consultant, and the Author of the bestsellers Retail Selling Ain't Brain Surgery, It's Twice As Hard, Start and Run a Retail Business and The Complete Idiot's Guide to Starting and Runn... More info

 
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    Subject: You might be interested in this event from AudioSolutionz
    Event Title: The Psychology of Price and Why It Matters
    Presenter(s): James Dion

 
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