Menu Engineering : How To Fix Price For Your Product
Very interesting. More I think about these strategies outlined in this post, the more I could relate to various shopping experiences. Now I know, how products are priced, it is difficult to resist the temptation to see beyond the price tag (:-))
Just as most of us must rely on relative pitch to discriminate amongst various tones, so too must the vast majority of consumers rely on relative price cues in order to determine what they’re willing to pay. What this means, according to behavioral economist Dan Ariely, is that the price of everything is “up in the air.” That’s where menu engineering comes in.
Source: What We Can Learn About Pricing From Menu Engineers
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