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37 Reviews
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3 of 3 people found the following review helpful
5.0 out of 5 stars Entertaining, apposite, and extremely useful
Told with the aid of a highly entertaining tale about the fictional Chocolate Teapot Company, the Psychology of Price explains the key effects of pricing on retail, service and tender-based commerce.

Most people are aware of the 99p effect, but it turns out that the psychology of price goes much deeper, with techniques such as anchoring, bundles and decoys able...
Published 18 months ago by Martin Turner

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3.0 out of 5 stars Price
This is a book aimed at small companies and self employed persons, rather than the the general person. It is based around various different scenarios and psychology pieces, aiming to give you a clearer practical understanding of how to use price to sell products.

There are better books about the psychology of price, and better books about how to do sales. This...
Published 14 months ago by Funk


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5.0 out of 5 stars Excellent, 17 April 2013
By 
Doug "Doug" (York, England) - See all my reviews
(VINE VOICE)    (TOP 500 REVIEWER)   
This review is from: The Psychology of Price: How to use price to increase demand, profit and customer satisfaction (Paperback)
Customer review from the Amazon Vine Programme (What's this?)
This book became available on Vine as I was preparing a workshop on pricing in Garden Retail.

The book is that rare thing.

It is written by an expert in the field
Is full of fascinating insights
Is very easy to read.

The downside is that some of the analogies and stories used to illustrate points in the book are a little bit obscure at times, however for the quality of the information contained in the book, and on the website that is an easily forgiven niggle.

If you are involved in retail, this book really should be on your desk.
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4.0 out of 5 stars Let us see if it works!, 15 April 2013
By 
C. Hamer "chrisahamer" (London, UK) - See all my reviews
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This review is from: The Psychology of Price: How to use price to increase demand, profit and customer satisfaction (Paperback)
Customer review from the Amazon Vine Programme (What's this?)
So the psychology of price. The reason I wanted to read this to see if applying the principles from this books could help improve sales on a website I manage.
In short it didn't really help, but it didn't do damage either.
That is not the say that this book isn't pointless though.

It covers some interesting theories and principles most interestingly memory and expectations and reframing your prices.
The whole book made for interesting reading and contained a lot of sound business advice. I'd say it is probably a useful tool for anyone running a business if you have no experience. Worth a read even if it didn't help me improve sales.
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5.0 out of 5 stars undoubtedly useful, 29 Mar 2013
By 
R. J. de Bulat (UK) - See all my reviews
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This review is from: The Psychology of Price: How to use price to increase demand, profit and customer satisfaction (Paperback)
Customer review from the Amazon Vine Programme (What's this?)
I struggled with whether to give this book 4 or 5 stars: much of the content and the information it gives is definitely 5 star material, but there are elements, to my mind, that might deter the reader, not least the back-story business that provides practical examples which gives an element of implausibility that may be hard to get around. However, the good points about the book are that I read it through with care and over time: it never ceased to hold my interest and, while not every idea or suggestion was helpful to my business, many were and others were adaptable. There are 30 diagnostic questions to evaluate your pricing structures and processes and I found it fascinating to explore different ways and means to present services and goods to customers in such practical and workable ways: if I use just three or four of them, I can see some definite advantages and have started with one already and received positive feedback. I have to say, that this is not an area of business that I have given enough attention to, having considered pricing as a purely economic exercise: this book adds an emotional element, which the author calls cognitive economics and differs from many books that use similar 'emotional response' tactics, because it is, basically, pragmatic and workable without having to change your normal mindset. I think that this is an unusual book, and one that I believe I have benefitted from reading and will refer back to as an aid to business. Recommended reading, as far as I am concerned
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4.0 out of 5 stars Well worth a look if you sell things....., 26 Mar 2013
By 
B. Towns (Southampton, UK) - See all my reviews
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This review is from: The Psychology of Price: How to use price to increase demand, profit and customer satisfaction (Paperback)
Customer review from the Amazon Vine Programme (What's this?)
I think this book strikes a good balance between an illustrative dialogue and practical, implementable advice.

Within a couple of chapters I found myself re-thinking the pricing strategy used by our family business - cost of manufacture plus mark-up versus value to customer - and pondering at length how to build greater perceived value - versus competing on price alone.

Since reading this book I have found a couple of others of great help regarding the 'perceived value to customer' approach, but this book so far comes out on top.

If you're in business selling 'stuff' (and who isn't?) this book is well worth the small investment in time and money.
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5.0 out of 5 stars Essential reading for the small business owner, 18 Mar 2013
By 
Antonia Chitty "Author of Food and Your Speci... (Sussex, UK) - See all my reviews
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This review is from: The Psychology of Price: How to use price to increase demand, profit and customer satisfaction (Paperback)
Customer review from the Amazon Vine Programme (What's this?)
How do you price your products or services? If you are like most small business owners there will be a certain element of guess work, a bit of 'what are my competitors charging' and some 'how much does it cost me?' There is a lot more to pricing than this, and The Psychology of Price: How to use price to increase demand, profit and customer satisfaction can help.

The book has my ideal structure, incorporating explanations, examples and exercises. Written with a sense of humour, this book uses the example of the Chocolate Teapot Company. Follow this hypothetical company at the start of each chapter and you'll learn lots about pricing strategies without realising it. Read the detailed explanation that makes up the meat of the chapter, then use the 'how to apply it' section for your own business. To make it easier, all the worksheets can be dow loaded from [...].

What will you learn if you read this book? Well, it teaches you that you are in control of what people pay for your products or services. Of course, the market has an effect, but the way you present your offering is key. If you are running a business and feel it is not bringing in the profit that you'd hoped, buy this book and do the exercises. Each chapter is short, so the investment of time will be very much worth it.
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5.0 out of 5 stars A thorough & practical exploration of a vital business topic, 2 Mar 2013
By 
Jayne (London, UK) - See all my reviews
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This review is from: The Psychology of Price: How to use price to increase demand, profit and customer satisfaction (Paperback)
Customer review from the Amazon Vine Programme (What's this?)
If you're in business, you're selling something - whether that' a product or a service. Business is always tough and, in a time of economic difficulty, having an intelligent pricing structure can make the difference between your business thriving, marking time, floundering or even going under.

This book is packed with accessible information and ideas on different pricing structures, to help you work out what's the best way to set prices for your business. I found it very helpful in tweaking my pricing structure and that has made a positive difference to sales.
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5.0 out of 5 stars Well written and informative, 28 Feb 2013
By 
L. Goldsmith (Featherstone) - See all my reviews
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This review is from: The Psychology of Price: How to use price to increase demand, profit and customer satisfaction (Paperback)
Customer review from the Amazon Vine Programme (What's this?)
I have been looking for a long time for a book like this. Pricing services can be a nightmare - I can vouch for that. As a business owner, I'm struggling to put a price on what my collleagues and I do: do we charge based around resources we consume in offering a service to the client? This is the easiest option, but how do we know if the client will find this price right for the value they're getting? And this is the question: how do you know what value your clients put on your services?

This book makes things a little bit clearer. I wholeheartedly recommend it.
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4.0 out of 5 stars Excellent and very comprehensively researched, 26 Feb 2013
By 
TheShopaholic (UK) - See all my reviews
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This review is from: The Psychology of Price: How to use price to increase demand, profit and customer satisfaction (Paperback)
Customer review from the Amazon Vine Programme (What's this?)
A fun approach to a very serious subject. How useful is a chocolate teapot? Well very, as a background for research for this book.

This book looks at all available aspects of a product in order to ascertain its best market price by delving into marketing aspects on where you place it among competition and ascertaining exactly what the competition is. Do you sell a coffee (or in this case a chocolate teapot) by the cup or by the jar? Which will make the most profit while selling at a particular price? Sometimes, losing a portion of your market through pricing higher actually gives you a better profit margin than trying to appeal to everyone. Then you come in the realms of diversifying into different market segments in order to provide a version of your product that is both affordable to everyone but still making a profit for your business and so on and so on.

This book does not simply look at price but more at what affects pricing and how to calculate the best price for your product. It looks at building a level of quality that may help your pricing. It looks into consumer practices, wants, needs and what they are prepared to spend their money on, if they have it.

There is an absolute wealth of research and info in this relatively small book but it is presented in a very readable manner. Though I would have thought it more useful for those who are manufacturing their own product or have a larger profit margin to play with as quite often, general retailing may depend more on cost price and overheads and what you are 'able' to sell it for. It's no good calculating that if you sell that book at 8 75% of people looking at it will buy, if it costs you 6.50 to buy and you have overheads on top of that but if you have a business where you can negotiate the wholesale or manufacturing price then this book will help you price your items to sell.

Understand your consumer and you understand your market. Something a lot of businesses do not spend enough time doing. If you have a business idea but don't know if it will work, if there is profit to be made in it; reading this book may help. It will give you a point from which to start your research into costs and hopefully either help you fine tune your business plan and build a better business or perhaps give you diversification ideas.

This book can be a very useful tool for looking at the 'what ifs' as well.
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4.0 out of 5 stars The price is right, 11 Feb 2013
By 
I. P. Gearing (UK) - See all my reviews
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This review is from: The Psychology of Price: How to use price to increase demand, profit and customer satisfaction (Paperback)
Customer review from the Amazon Vine Programme (What's this?)
Cost plus is the most prevalent pricing model, set as it is against the things that can be measured and to a greater or lesser extent, controlled. Charge what the market can bare, has after all, been very successful, regulated by competition. Much has been written on the mechanisms of price maintenance, the Boston Matrix represents the entropy of goods in a market, and as the science of persuasion comes of age (at least as scientific research catches up for persuasion came with Adam and Eve out from the Garden of Eden) then the means of price maintenance have become more sophisticated.

This book presents a number of common sense (in retrospect, then things generally are when well explained) and easy to follow ideas and much of the sense of that is down to the clarity of the writing and the layout of the book. It isn't that this represents a revolution in pricing theory, but it does highlight new avenues for the majority of us to try, different perspectives and I for one welcome it. A book well worth reading.
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4.0 out of 5 stars I like this book..., 11 Feb 2013
By 
Clarke (Linlithgow, United Kingdom) - See all my reviews
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This review is from: The Psychology of Price: How to use price to increase demand, profit and customer satisfaction (Paperback)
Customer review from the Amazon Vine Programme (What's this?)
This is a nice, easy book to read which, considering the subject, makes it exceptional. I've got several books on pricing and it's a pretty dry subject. The author did a great job here of making it interesting and accessible. I happily recommend it.
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