University of Memphis The Game of Pricing Paper

Description

Part1.

The Game of Pricing: How the Number 9 Affects Purchase Behavior

Everyday,
we see countless “charm” prices (prices that end in the number nine).
There might not be any consensus on how this came to be (a few different
apocryphal stories exist) but there is little disagreement with the
idea that charm prices convey value and motivate customers.

These
charm prices work because of the “left digit effect,” which proposes
that people place more importance on the leftmost digit in a price.
There for $79.99 seems closer to $70 than $80.

In
one famous study, three different versions of the same mail order
catalog were printed, with each version showing the same shirt at a
different price. The shirt sold better at $39 than $44. This result is
not surprising, and it illustrates the law of demand; as price goes down
demand goes up. But the shirt also sold better at $39 than $34;
illustrating that charm prices have an impactful effect and can
undermine even our most basic expectations about the effect of price on
demand.

Based
upon your personal experience as well as readings from your text,
answer each of the questions below (number each response):

Are there consumer or shopping task characteristics that may make use of a charm price more effective?
Do you think this tactic might be counterproductive and backfire for certain types of products or purchases? Why?

Part2.

Use this forum to complete your weekly discussion post. Make sure to
watch the video completely before posting. Make sure to create your own
thread before commenting on others’ threads. Make sure to answer each
question below in your post:

What was the speaker’s main point?
What do you think? Do you agree with the speaker? Why or why not?
What connections can you make between the presentation and the content from our course? Business Organization.

Video link: https://www.ted.com/talks/mellody_hobson_color_blind_or_color_brave?referrer=playlist-talks_on_human_resources

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