Unveiling "Psychology of Price" - Mastering Pricing Strategies for Higher Profits

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Dive into the fascinating world of pricing psychology with our latest episode on "Psychology of Price." Learn how businesses master consumer and competitor psychology to develop clever pricing strategies and boost profits. We'll break down the core concepts and provide real-life examples to help you apply these insights directly to your business. Don't miss out on understanding the science behind pricing that can transform your approach to business!

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About the Author
Caldwell Leigh is the founder of the renowned British pricing consultancy, Inon, and one of the leading researchers in the field of behavioral economics globally. He is surrounded by employees with diverse theoretical backgrounds in psychology and economics. He has formulated pricing strategies for government institutions and world-renowned companies, including the UK Treasury, BBC, London Electricity, and Grant Whisky Company, gaining extensive practical experience.

About the Book
Caldwell Leigh has created a fictional new product, the "Chocolate Teapot," using it as a thread throughout the book to explain how to price products, understand consumer needs, and respond to competitors. This book, based on psychology and behavioral economics theories, provides a comprehensive 360-degree understanding of the strategies behind the pricing game in business.

Core Content
Pricing is not simply adding up costs and profits, as this only considers the pricing issue from the company's perspective, neglecting consumer needs. The author advocates combining economics and psychology to price products based on the value they bring to consumers. Additionally, the author provides techniques for dealing with consumers and competitors, teaching us how to master the pricing game in business.