Buyers sometimes exhibit seemingly "irrational" behavior with respect to prices and use socially embedded heuristics to simplify their purchase decisions. In some cases, small changes in prices can lead to much larger than anticipated changes in sales and profitability. Sellers need to understand the heuristics consumers use, the situations in which they emerge, and recognize how they can respond in markets where information and knowledge of product attributes and competitive prices are increasingly available.
During the webinar, Maciej and Wojciech of Movens Capital will explore consumers' behavioral reactions to price through a review of their multiple years of project experience in the field of behavioral pricing. They will explain the nature and scope of these effects and conclude by providing implications for innovation in pricing, and guidance for managers to reduce the disconnect between themselves and consumers.
Key benefits of the webinar
• Blend behavioral science with data analytics to boost your profits.
• Learn how to integrate your sales, brand, and marketing strategies based on behavioral science.
• Learn frameworks for analyzing customer preferences and enhancing customer intimacy.
• Get exposure to real life project cases and latest scientific research and idea.
• Understand most common price related socially embedded heuristics that consumers follow.
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