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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 20 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 16 months ago by Funk


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3 of 3 people found the following review helpful
5.0 out of 5 stars Entertaining, apposite, and extremely useful, 7 Jan 2013
By 
Martin Turner "Martin Turner" (Marlcliff, Warwickshire, England) - See all my reviews
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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 to create substantial shifts of consumer behaviour while increasing overall margins.

Author Leigh Caldwell builds up a strong and coherent picture not just of how price psychology works, but also of how you can apply it in your own situation. Although his main narrative is in restaurants and retail, he gives good attention to services, consultancy and tender-bidding, which means there should be something for everyone here, as long as you are actually involved in price setting.

Unlike many books which have grown out of training courses, the Psychology of Price has successfully made its way into the book form, and this is largely due to the author's inspired use of narrative to take us there. The Chocolate Teapot Company is weirdly plausible, but it's the twist at the end which makes this a tale worth telling in its own right, rather than just a series of amusing fictional anecdotes.

I raced through this book, but you can also follow it more carefully using the charts and exercises as you work on your own products.

This is one of my top recommendations for business reading in 2013.
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5.0 out of 5 stars Great Read, 17 Mar 2013
By 
C. M. Cotton "Chris Cotton" (Europe and USA) - See all my reviews
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I am a serial entrepreneur, a University lecturer in Russia, Italy and the USA in Business Economics and International Law and am an international business and peak performance consultant. As such, I have read a plethora of business, motivational, peak performance, coaching, team building psychology type of books over 22 years. In fact I have enough books at home, on these subjects, to sink several ships. I therefore have read many books looking at what makes great entrepreneurs and how the best motivate employees and develop every greater businesses. I therefore have used both my real life business experience and theoretical knowledge to review this book.

Pricing is a very subjective thing and this author does examine and highlight the problem. You only need to look at car pricing on craigslist or autotrder to see great price differentials on the same car with the same mileage etc. Very often private owners will "over value" their beloved car, pricing it above market levels as they perceive, through emotion, that it is worth more than a car sold by a dealer. The concept of "Value" is an incredibly subjective thing, yet it is at the core of pricing. This author looks at these problems of perception, value and why some are willing to pay more for a product than others. The author does this by examining the imaginary pricing system behind a product called "chocolate teapots" and how the price is derived for this product. The ideas are very good as an introduction to the concepts of pricing and psychology, but there are other books on the market that go into the subject in a far more technical manner and examine other areas of pricing problems. If you are looking for a definitive text examining all pricing concepts then this book is not for you.

The book is a great easy read for anyone interested in the subject of pricing. It is does not examine every area of the subject but gives a good introduction to the subject.

Recommended.
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6 of 7 people found the following review helpful
5.0 out of 5 stars Worth every penny!, 27 Dec 2012
By 
William Cohen (London) - See all my reviews
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I came to this book via Rory Sutherland who's done some good talks on value. He quotes Ludwig von Mises who said, 'Value is subjective'. You can't distinguish when you go to a restaurant, the value created by cooking the food, from the value created by sweeping the floor.

I then started looking for a book that told me more, and this has turned up trumps. By coincidence, Rory Sutherland is quoted on the cover.

This book explains in great detail how perceptions influence our willingness to pay a premium for products. I've been self-employed for 12 years, but this book is helpful because it explains what I've always suspected and observed, but it helps me act with greater confidence when I'm planning my sales. The only downside is that the fictional example that drives the book is 'chocolate teapots' - a product concocted from a mixture of liquid chocolate and tea leaves. As someone who loathes the experience of the branded coffee chains, the thought of such a sickly soup made me queasy while reading.

Also, having read books on how to manage your money better, I find that this book applies all the techniques that get us into debt in the first place. Didn't some form of hyperbolic discounting cause the credit crunch?

Nevertheless, this is an essential book for anyone involved in selling. It's easy to follow and structured in a way that makes the points clear and digestible. Going round the supermarket I can spot all the techniques in action. The book uses storytelling in an effective way, and it's supported by online resources available on a website. The last chapter was a bit of a surprise, but it gave me a fresh perspective on what business is ultimately about.
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1 of 1 people found the following review helpful
5.0 out of 5 stars A treasure trove of insight, 6 Mar 2014
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This review is from: The Psychology of Price: How to use price to increase demand, profit and customer satisfaction (Kindle Edition)
As someone just discovering the world of pricing strategy a few months back, I found this book an invaluable primer as well as a thoroughly engaging read.

I have already applied several of the book's suggestions in designing dynamic pricing software (for my startup), and intend to test drive the value-based consultancy pricing approach at a biz dev meeting this morning - after years of consulting on fixed day rates.

Thoroughly recommended to anyone with even a tangential interest in pricing or indeed psychology.
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1 of 1 people found the following review helpful
5.0 out of 5 stars Just buy it, you'll more than reap the cost back, 7 Jan 2014
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Wow! Every now and again you pick up a book that revolutionises the way you think, this book is one of them. It's opened up my eyes to all the options, I've known for a long time that money is an idea that can be manipulated but never quite applied that to pricing somehow.

I love the way it's not too nerdy, it's clear, concise and listed out nicely with a good run down at the end of each chapter. You find yourself going 'Oh yeah!', you already fall for all the tricks in this book, you will continue to but at least you can be aware of it and apply it to your own business for maximised profits.
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1 of 1 people found the following review helpful
5.0 out of 5 stars The Psychology of Price is a must, 9 Nov 2013
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The book gives very illuminating answers to all my questions about pricing our products and I could apply the new knowledge immediately.
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4.0 out of 5 stars good toolbox of pricing strategies, 20 May 2014
By 
Jim Smith (Wiltshire, 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 (Kindle Edition)
An approach to teaching a range of rpicing strategies through a story of a fictional company. Hardly novel but still effective as the product - chocolate teapots - have little intrinsic value on the face of it until you read the book.
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4.0 out of 5 stars Good Book, 18 April 2014
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This review is from: The Psychology of Price: How to use price to increase demand, profit and customer satisfaction (Kindle Edition)
The book is good for someone who wants increase their sales by pricing their product. It's a good book. Thanks!
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4.0 out of 5 stars How to sell chocolate teapots, 20 Jun 2013
By 
C. C. Chivers "ccchivers" (UK) - See all my reviews
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What did I learn from this book? One important point I learnt was that value is not always equal to price and that value is subjective e.g. water to a man in the desert is priceless, but water to a drowning man is a hindrance. I learnt about focusing on what people want, i.e. demand, about perceived value and how to add to it and I learnt about what to do in the case of inflation, among many other valuable points.

Relevant to the UK, this book is not only useful, but is entertaining to read because of its running storyline: how to sell chocolate teapots. It is a very practical book with sections on 'how to apply it' as well as little exercises.
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5.0 out of 5 stars A wonderfully fresh approach, well-researched and helpful case studies, 18 Jun 2013
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Unlike some other reviewers, I found the fact that this book is part theory and part case study story really refreshing. It means that the information is absorbed by both your left and right brain areas, making it easier to understand and then apply to your own situation.
The theory is well-researched and presented in a way that is simple to 'get', whilst containing enough gravitas to be trusted.
I have personally applied several of the methods from this book to my own business and found an instant increase in sales.
It's not a book I would 'dip in to' - I'd probably want to re-read it.
I'm grateful to the author for helping me to question our society's long-held misconceptions on pricing and to rewrite the way I position products with my customers.
Well worth the read.
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