The Role of Price in the Customer’s Decision Journey
Managers need to understand the unique, specific & predictable ways in which customers use prices in their journeys. The effectiveness of pricing actions is stage-dependent.
At every stage in the customer’s decision journey, price plays unique, specific, and predictable roles. Customers use available price information, price knowledge, and their perceptions and biases for specific and unique purposes to advance in their journeys. The upshot is that the effectiveness of pricing actions is stage-dependent. An effective pricin…
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