Pricing and communicating price to customers

Reference no: EM13169193

The Weber-Fechner effect is an important consideration for pricing and communicating price to customers because

customers prefer knowing that the price is stable even if it is at the upper threshold
customers will be positively responsive to smaller increases in price or one large decrease in price
customers will tend to gravitate toward suppliers that offer small incremental discounts over competitors
customers are more likely to use suppliers that price just under the upper threshold for a product or service.

Reference no: EM13169193

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