Psychology of Price Paperback – Jan 1 2012
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About the Author
Leigh is a pricing expert and leading researcher in behavioural economics, writing the UK's most popular behavioural blog (www.knowingandmaking.com) and appearing as a frequent guest on BBC News. By background a mathematician and economist, he is the founder and chief executive of Inon, the UK's leading pricing consultancy.
Most Helpful Customer Reviews on Amazon.com (beta)
Pricing is a very subjective thing and this author does examine and highlight the problem. You only need to look at car pricing on craigslist or autotrder to see great price differentials on the same car with the same mileage etc. Very often private owners will "over value" their beloved car, pricing it above market levels as they perceive, through emotion, that it is worth more than a car sold by a dealer. The concept of "Value" is an incredibly subjective thing, yet it is at the core of pricing. This author looks at these problems of perception, value and why some are willing to pay more for a product than others. The author does this by examining the imaginary pricing system behind a product called "chocolate teapots" and how the price is derived for this product. The ideas are very good as an introduction to the concepts of pricing and psychology, but there are other books on the market that go into the subject in a far more technical manner and examine other areas of pricing problems. If you are looking for a definitive text examining all pricing concepts then this book is not for you.
The book is a great easy read for anyone interested in the subject of pricing. It is does not examine every area of the subject but gives a good introduction to the subject.
The thing I did not like is the form of the book; the font is so small and the pages are packed, the paper is thick. Al in all I suffered few pages until I decided to buy it again on Kindle format.
I recommend the book for any new comer to the world of pricing, it is a step by step story telling kind of book. If only the publisher was giving the author better form options!
Leigh used a literary storytelling technique in her book that I personally did not care for. On one hand she was TOTALLY up front about it saying it just that - a useful, illustrative literary technique. Using this she was able to provide the situational awareness that made every chapter's content make perfect sense. That being said, I simply couldn't get past the fact that it was fiction. I would have LOVED if her anecdotes could have been from actual true clients with the names changed to protect the guilty. That being said, what Leigh did was useful and I think this book will be really good for many many people.
Also, Leigh's suggestions are founded on research. She doesn't give that to you, you must trust her. I think that is OK and you should, but again, I want to make sure people understand this is LESS about the psychology of price and more about putting the psychology of price in action.
Good book - very action oriented. Keep up the good work Leigh.
Each chapter is well constructed, starting with a practical and pragmatic real life business scenario, followed by sound and precision-guided pricing and BE analysis of the scenario.
It is essential reading for anyone involved in the pricing, product management and sales strategies for B2C products