Download, customize, and translate hundreds of business templates for free
A retail company can apply the principles of persuasion by creating an expectation of quality in the minds of consumers. This can be done through pricing strategies, branding, and marketing. For instance, a product can be priced higher to create a perception of superior quality, even if the product is the same as a cheaper alternative. This is based on the psychological principle that consumers often associate higher prices with better quality. Additionally, the company can use persuasive advertising and promotional strategies to influence consumer behavior and perceptions.
Asked on the following book summary:
Nick Kolenda is an entertainer who “reads minds” for a living. His apparent ability to read minds is a process of persuasion. Using proven methods of...
Go to dashboard to download stunning templates
Download
Question was asked on:
Two brands of wine were offered twice and were the same price. The $5 bottle of wine was marked with its real price and again with a price tag of $45. The $90 bottle of wine was also marked with its real price and again with a price tag of $10. The results showed that the tasters' brains registered more pleasure when drinking from the higher priced bottles, even though they contained the same wine as the cheap bottles. The results proved that consumer satisfaction can be directly influenced by the expectation of quality whether that quality is real of not.
Questions and answers
Ask another question
Ever wonder what makes a great negotiator? Read this book summary to learn about the latest social science and psychology research on negotiation. Get more of what you want and keep your professional relationships intact when you apply these principles of negotiation.
Do you dread negotiations for fear of the conflict involved? The fact is that every aspect of our lives involves some form of negotiation. Expert FBI hostage negotiator Chris Voss details that the best way to ask for what you think is right.
In the market for a new job? Use our Personal Showcase presentation template to upgrade your portfolio with top highlights. This deck can be used to apply for a new job, ask for a promotion or transfer departments, or share digitally with recruiters or new clients prospects to introduce yourself and unique skillset.
Are you playing the game or are you playing to win? Develop a winning strategy for your organization with a recipe for success from former Procter & Gamble CEO A.G. Lafley. Read this book summary to learn about the five simple steps of strategy and how to develop the core capabilities and management systems to support them.