« Weber-Fechner Law of Pricing » with Ron Wilcox #Effects #Marketingthema

What price to apply?

Weber-Fechner Effect : In psychology, a concept stating that change in a stimulus is noticeable in proportion to the strength of the original stimulus. Weber’s law is used in marketing to increase prices for products. That is, marketers have found a company may change its prices by a certain percentage before customers notice they are higher or lower. Source

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