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Price Image

The hidden Force of Pricing

People say of the market researcher's profession that it's terribly dry: ruled by analyses and statistics, fighting it out between levels of significance and correlation analyses. At Vocatus, Florian Bauer and his colleagues see it in a totally different way. Please enjoy his interesting blog post below about how price image can influence buying behaviour.

Price image beyond value for money

One of the unspoken assumptions of marketing goes like this: Increase value-for-money, and your customers will thank you with improved price perception and increased willingness to buy. However, this "the more the merrier" rationale doesn't always prove to be true.

The German newspaper market is facing its most severe crisis for at least 60 years. Hundreds of jobs are threatened due to the closure of famous and prestigious national titles such as "Financial Times Deutschland" and the bankruptcy of the "Frankfurter Rundschau". This indicates major changes in terms of how people are consuming news and media, one of them being the sheer lack of time to read.

"The more the merrier" means that publishers whose goal is to stabilize revenues while advertising sales and circulation are in decline are trying to sugar the pill of price increases via noticeable increases in coverage. However, they are ignoring the main reason why people cancel a newspaper subscription: the "pain" of throwing away a paper that has hardly been read. Increased coverage only aggravates this problem.

This sheds light on an often neglected facet of price image: utilization. What is crucial for price perception is not the potential value-for-money provided, but the degree to which customers are able to utilize this value. It’s like buying a cookbook even though you know that only a minority of the recipes will suit your taste, and even fewer of them will ever be cooked.

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The European Pricing Blog
Umfang: 2 Seiten

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