Psychological Pricing Strategies Course in Singapore

Pricing strategies are useful tools in increasing prospects and sales without compromising the quality of a commodity. The strategy appealing to the emotional side of the customers is called psychological pricing. This makes use of the customer’s emotional response which is more often stronger than logical reasoning. Customers tend to react differently to pricing. This is why mall sales are always a hit and Christmas holiday shopping is always brimming with people.

Psychological pricing comes in different strategies for certain products or services. In this course, the participants will learn how to apply them appropriately. They will also be introduced to consumer psychology and its impact on pricing strategies.

This Psychological Pricing Strategies workshop is ideal for anyone who would like to gain a strong grasp and improve their Psychological Pricing Strategies.

The ideal group size for this Psychological Pricing Strategies course is:

The duration of this Psychological Pricing Strategies workshop is 2 full days. Knowles Training Institute will also be able to contextualised this workshop according to different durations; 3 full days, 1 day, half day, 90 minutes and 60 minutes.

Below is the list of course benefits of our Psychological Pricing Strategies course

• Introduces the participant to the study of consumer psychology which could be used to strategize pricing methods
• Teaches the participant to employ psychological pricing strategies that will attract more prospects and boost sales
• Improves the participant’s product pricing techniques by being able to choose the right pricing strategy for a product
• Helps the participant in identifying the products or services that best fit the method of psychological pricing
• Retains the value of the product without resorting to permanently lowering prices and exerting more sales effort
• Provides the participant with adequate caution of the cons when using psychological pricing

Below is the list of course objectives of our Psychological Pricing Strategies course

• Understand the relationship between pricing methods and consumer perception
• Define what is psychological pricing
• Describe the theory behind the method of psychological pricing
• Understand the consumer’s perception of pricing and how it is affected by psychological pricing strategies
• Identify the products and services that could benefit from psychological pricing strategies
• Apply numeral round-offs through the methods of charm pricing and prestige pricing
• Create discounts and promos through multiple and promotional pricing
• Strategize product placing through price lining and comparative pricing
• Learn other types of psychological pricing strategies
• Learn how to select the most effective psychological pricing strategy for certain products
• Identify the pros and cons of psychological pricing strategies
• Study real-life applications of psychological pricing strategies for future reference
• Assign the most appropriate psychological pricing strategy on a list of products

Below is the list of course content of our Psychological Pricing Strategies training programme course

• Introduction: The importance of the relationship between pricing methods and consumer perception
• What is psychological pricing? What is the theory behind it?
• Understanding the consumer’s perception ofpricing
• What are the kinds of products or services to which psychological pricing could be applied?
• Charm pricing: The power of odd numbers and decimal places
• Prestige pricing: Luxury and rightness associated with whole numbered-prices
• Multiple and promotional pricing: Cutting prices in half or bundling products into two
• Price lining: A range of products with a range of prices
• Comparative pricing: Placing regular and special side by side
• What are the other types of psychological pricing strategies?
• How do you select an effective pricing strategy?
• What are the pros and cons of psychological pricing?
• Real-life successful applications of the different psychological pricing strategies
• Activity: From the list of products, think of the best pricing strategy that appeals to the psychological aspect of a consumer.

Each participant will receive the following materials for the Psychological Pricing Strategies course

Each course participant will receive a certification of training completion

There are 3 pricing options available for this Psychological Pricing Strategies training course. Course participants not in Singapore may choose to sign up for our online Psychological Pricing Strategies training course.

We have the following  discounts, fundings & subsidies for this Psychological Pricing Strategies training course

Contact us for the latest Psychological Pricing Strategies course schedules:

Register For This Psychological Pricing Strategies Course Now!

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