Price tells a story about your product
In this episode of the McGill Delve podcast, Professor Rim Hariss talks price strategies. Supply and demand, manufacturing costs, and other operational factors are important determinants of a product’s price. But beyond that, retailers can manipulate prices to tell a story about their brand. Professor Hariss explains how different price strategies affect relationships with consumers, how price anchoring and skimming influences consumer behaviour, and the opportunities and risks of putting products on sale.
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