Speech no.7
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Transcript of Speech no.7
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Speech No.7Article Title: “How Consumers Understand (and Misunderstand)
Pricing Cues” by the HBR April 2015 Issue
Based on academic study by Ryan Hamilton and Alexander Chernev entitled; “Low Prices Are Just the Beginning: Price Image in Retail
Management”
Saturday, April 15, 2023
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True or False … ?Giant suburban stores with tacky displays always have
the best prices; just as urban stores with beautiful gourmet
sections have the highest ones?
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“
”
… suggest that people persist in believing these stereotypes, even though they’re not always true
New Research publication in the Harvard Business Review, April 2015 Issue
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Signals retailers need to understand and manage in order to avoid sending incorrect signs
High volume equals low cost: Signals of store moving lots of products;
Location
Size in square footage & large assortment
Stock-outs
Frills equal high cost: Feelings of paying for anything extra;
Beautiful décor & well-organized displays
Well-trained employees
A high staff-to-customer ratio
Extended business hours
A generous returns policy
A prominent social-responsibility strategy
Unconventional products equal high cost:
Assumption that even store’s mainstream goods have steep prices;
Quirky, specialized, or highly designed items, signifies high price to consumers as supposed to..
Unadorned functionality with low prices
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Why understand these pointers?
Competition against others;
physical retailers and online sellers…
whose prices can be quickly checked on a smart devices (e.g. phone)
And working on the pricing pointers may be nearly as important as actually lowering prices.
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Thank you!