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Example of psychological pricing at a gas station. Psychological pricing (also price ending or charm pricing) is a pricing and marketing strategy based on the theory that certain prices have a psychological impact.
A major deficiency of the AIDA model and other hierarchical models is the absence of post-purchase effects such as satisfaction, consumption, repeat patronage behaviour and other post-purchase behavioural intentions such as referrals or participating in the preparation of online product reviews. [10]
Since 1925 when The Psychology of Selling and Advertising by Edward K. Strong, Jr. was published, it became commonplace to attribute the authorship of the AIDA model to Lewis. According to Strong, Lewis formulated the slogan attract attention, maintain interest, create desire in 1898, adding later the fourth term get action .
"3C" stands for the three components of motivation, which can be illustrated as three partially overlapping circles (see Fig. 1). In psychological terminology, the three components are explicit (self-attributed) motives, implicit (unconscious) motives, and perceived abilities.
Psychological statistics is application of formulas, theorems, numbers and laws to psychology. Statistical methods for psychology include development and application statistical theory and methods for modeling psychological data. These methods include psychometrics, factor analysis, experimental designs, and Bayesian statistics. The article ...
Cost plus pricing is a cost-based method for setting the prices of goods and services. Under this approach, the direct material cost, direct labor cost, and overhead costs for a product are added up and added to a markup percentage (to create a profit margin) in order to derive the price of the product.
The purpose of sales force effectiveness is to increase company revenues through increased customer acquisition, product/service sales, and up-selling/cross-selling additional products and services. The purpose of sales force effectiveness metrics is "to measure the performance of a sales force and of individual salespeople."
Personal selling can be defined as "the process of person-to-person communication between a salesperson and a prospective customer, in which the former learns about the customer's needs and seeks to satisfy those needs by offering the customer the opportunity to buy something of value, such as a good or service". [1]