Even the “monetarily challenged” can enjoy splurging or treating themselves to a relatively expensive candy bar, shampoo, or aftershave. (Source: The Tao of Pricing) #PricingPsychology
When buying products they can’t test, from companies they don’t know, customers frequently rely on price to judge the quality. (Source: The Tao of Pricing) #PricingPsychology #PricingStrategy
People will pay extra for truly new products. It’s a reward for creation, that lasts until competitors happen. Don’t miss this chance to cover your R&D expenses. (Source: The Tao of Pricing) #PricingPsychology
Monks and emperors will pay different prices for the same cloth. Don’t disappoint them. Failing to charge different prices can worry your buyers unnecessarily that your product is inappropriate for their station in life. (Source: The Tao of Pricing) #pricingpsychology #pricingstrategy
Know your customers. If a man known for his cheapness buys from you … raise your prices immediately. (Source: The Tao of Pricing) #pricing #pricingpsychology
It’s like a game of poker you play with both your customers and your competitors. A skilled player both notices the tendencies of other players… AND anticipates their responses to his or her moves. (Source: The Tao of Pricing)
The “right” price is not one number, determined by numerical analysis. Too many factors influence it. It’s a mystery you cannot fully solve. It’s a pursuit that can occupy you for a lifetime. Source: The Tao of Pricing.
“If you open yourself to insight, you are at one with insight, and you can use it completely.” — Source: Tao Te Ching. “If you open yourself to the mysteries of pricing, you open yourself to riches.” Source: The Tao of Pricing.
A bottle of Coca Cola to a man lost in the desert is priceless. Source: The Tao of Pricing.
“Reasonableness” varies for component prices, based on their percentage of the overall cost. Steel prices must be more “reasonable” to a car manufacturer than the price of the horn. Yarn prices must be more “reasonable” to a needlepoint kit compiler than the price of the needle. Source: The Tao of Pricing.