What Are Incidental Prices and How Do They Affect Willingness to Pay

Summary Introduction Have you ever wondered why being exposed to prices of products you don’t care about can influence how much you’re willing to pay for something completely different? Consumer psychology reveals that incidental prices, those prices of unrelated products that we casually encounter in our environment, can have a surprising impact on our purchasing … Read more

The Impact of Syllabic Length on Price Perception: ‘Long’ vs. ‘Short’ Prices

The Impact of Syllabic Length on Price Perception. In marketing, every detail counts, and something that is not paid much attention to when communicating prices, is the effort the brain expends in processing ‘long’ versus ‘short’ prices and its effect on the perception of its magnitude and subsequent willingness to pay. In this sense, this … Read more

How to Achieve the Difficult Balance between the Reference Price and the Fair Price

In today’s digital era, where information is abundant and access to data is instantaneous thanks to emerging technologies, the understanding and management of the reference price and the fair price become crucial aspects for any business. The ability of consumers to compare prices and assess the fairness of these prices has transformed the pricing strategies … Read more