Post by arfanho7 on Feb 27, 2024 6:24:41 GMT
A promotion and marketing of professionals services price setting choice of service offering etc. . Paper Information Full Working Paper Text Working Paper Publication Date July HBS Working Paper Number Faculty Unit s Strategy Name Your Price. Really. by Michael Blanding Is it worthwhile for retailers to experiment with pay what you want pricing Shelle Santana unmasks the surprising logic behind how much customers will pay and when. One finding sellers can dramatically change what some buyers are willing to pay.
Years ago when I was a student in New York and like many students perpetually broke I would often go to the Metropolitan Museum of Art for entertainment. The museum had Hungary Phone Number a policy that visitors could pay whatever they wanted so for as little as a penny I could spend the afternoon wandering the galleries. But there was a catch I couldn t just put my money in a slot I had to stand in line with everyone else many of whom were paying the suggested donation of . Sometimes I boldly told the clerk I would pay cents. Other times however I paid or even . “IF YOU CAN NUDGE PEOPLE INTO A MORE COMMUNAL RELATIONSHIP THEY HAVE A HIGHER WILLINGNESS TO PAY” According to Shelle M.
Santana an assistant professor in the Marketing unit at Harvard Business School norms. Santana has closely studied pay what you wish PWYW pricing—a phenomenon that admittedly makes no rational economic sense. When presented an opportunity for a freebie classical economic theory says you should pay nothing says Santana. Why buy something when you can get it for free And yet research has shown that when people are able to set their own prices almost everyone pays something—and sometimes well over the suggested price. I was really interested in that broad variance and who pays a little and who pays a lot and under what circumstances says Santana.
Years ago when I was a student in New York and like many students perpetually broke I would often go to the Metropolitan Museum of Art for entertainment. The museum had Hungary Phone Number a policy that visitors could pay whatever they wanted so for as little as a penny I could spend the afternoon wandering the galleries. But there was a catch I couldn t just put my money in a slot I had to stand in line with everyone else many of whom were paying the suggested donation of . Sometimes I boldly told the clerk I would pay cents. Other times however I paid or even . “IF YOU CAN NUDGE PEOPLE INTO A MORE COMMUNAL RELATIONSHIP THEY HAVE A HIGHER WILLINGNESS TO PAY” According to Shelle M.
Santana an assistant professor in the Marketing unit at Harvard Business School norms. Santana has closely studied pay what you wish PWYW pricing—a phenomenon that admittedly makes no rational economic sense. When presented an opportunity for a freebie classical economic theory says you should pay nothing says Santana. Why buy something when you can get it for free And yet research has shown that when people are able to set their own prices almost everyone pays something—and sometimes well over the suggested price. I was really interested in that broad variance and who pays a little and who pays a lot and under what circumstances says Santana.