Course Outline

Introduction

Overview of Pricing Psychology for Government

  • Importance of pricing in public sector operations
  • The influence of the number nine in pricing strategies
  • Price anchoring techniques for government services
  • Strategies for inviting price comparisons in public procurement

Choosing the Right Price for Government

  • Audience-matching strategies to ensure fair and transparent pricing
  • The impact of ending prices with 99 on consumer perception
  • Evaluating the effectiveness of prices ending in 95 versus 99
  • Avoiding odd-ending prices for clarity and simplicity
  • Understanding the precision effect in pricing decisions
  • The role of ego pricing in government contracts and services

Presenting the Price to Consumers for Government

  • The syllables effect on consumer perception of price
  • The impact of adding cents to prices for transparency
  • The use of commas in large numbers for clarity
  • The verticality effect in displaying prices
  • The male-red effect and its implications for government marketing

Framing Strategies for Pricing for Government

  • The pennies-a-day effect to make costs seem more manageable
  • The spare change effect to influence purchasing decisions
  • Using gain-framing with 9-ending prices to enhance appeal
  • The time framing of prices for long-term contracts and services

Presenting the Product to Consumers for Government

  • Providing a compromise option in product offerings
  • The decoy effect to highlight preferred choices
  • The descending order effect in presenting options
  • The anchoring effect and its impact on consumer decision-making

Offering Product Sales and Discounts for Government

  • The subtraction principle in discount calculations
  • Ensuring ease of discount computation for transparency
  • The effectiveness of percentage-based discounts in government programs
  • The role of relative size and distance in pricing strategies
  • The verbal matching effect on consumer perception
  • The impact of vertical and horizontal positioning of prices
  • The left and right digit effects in price presentation
  • Setting discount limits for fair competition

Dealing with Additional Charges for Government

  • The partitioned pricing strategy to manage additional costs
  • Strategies for presenting surcharges transparently
  • The role of surcharge amount in consumer acceptance
  • The surcharge consolidation effect on overall cost perception
  • Reversing partitioning to simplify charges

Summary and Conclusion for Government

Requirements

  • A foundational knowledge of sales, marketing, and pricing strategies
  • An interest in applying psychological theories and research to business practices

Audience for Government

  • Entrepreneurs
  • Marketing professionals
  • Sales professionals
 7 Hours

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