The price of a product or service is always something that a consumer considers as part of their purchasing decision. Businesses are acutely aware that some purchasing decisions are purely price driven, but it seems there is more to a price for a product or service than one would ordinarily consider.
An interesting article written by Esther Chan for the Sydney Morning Herald recently looks into some research around this topic. It unearths findings that product or service pricing can sway our decision making, depending on our mood and purpose. We think differently when buying something as a gift for example, compared to buying something for a specific purpose. This theory is an interesting one that may pose some interesting applications for your business and pricing structures.
SMH: How Prices Get Shoppers Feeling Right About A Deal
