There are two basic retailer pricing strategies:
· Everyday Low Prices. Think Walmart with relatively constant prices and few sales
· High-Low Prices. Think Kohl’s with very high “regular” prices and frequent deep discounts.
Which strategy works better?
First, a definition lifted from Wiki:
Buyer’s remorse is the sense of regret after having made a purchase. It is frequently associated with the purchase of a big ticket item such as a car or house.
It may stem from fear of making the wrong choice, guilt over extravagance, or a suspicion of having been overly influenced by the seller.
Buyer’s remorse is thought to stem from the post-decision cognitive dissonance that arises when a person makes a difficult decision.
Factors that affect buyer’s remorse include resources invested, the involvement of the purchaser, whether the purchase is compatible with the purchaser’s goals, and what positive or negative evidence the purchaser encounters post-purchase that confirms or denies the purchase as a good idea.
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Bet you can guess where this one is going.
Remember the 2012 election when Obama squared off against Romney?
Obama won the election with 51% of the popular vote.
My, how things have changed.
