Solved: Describe a situation where you have been influenced by consumer

Describe a situation where you have been influenced by consumer buying psychology towards considering a price too high or a real bargain. please provide examples. There is no answers in textbook solutions. it just states answer will vary. I am needing a example – please.


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Expert Answer

I had an experience of doing an internship in an electronics showroom where they had a wide range of home appliances like television, fridge, washing machine, air conditioners, mixers, and grinders etc., A customer visited the store as he planned to purchase plasma television. the customer was consistently arguing for a reduction in the price. The dealer (who was my senior) tried various strategies that are alternatives to cutting Price and ignore the deal with the consumer. He tried the following:

1. Terms – Arriving at alternate payment terms is an alternative to reduce the price. It is more to do with the affordability of the customer. When you decide that customer is willing to strike the deal, rather than paying 100$ bill at once, negotiate for a 10-month installment where they pay 10$ per month. There by your association with the customer is long lasting for a future sales opportunity. The dealer was ready to provide this as the cost of the 50″ plasma TV was $4,000.

2. Remove Some Value – When the customer is not willing to meet your price, however willing to buy the product and continue negotiating, then sell the product by reducing some value of it. In this case, dealer tried eliminating other features like speakers, DVD that comes along with the product.

3. Guarantee – When a customer is worried about the durability of the product and relates that to the pricing, initiate guarantee. 100% cash back if the product fails in next 100 days is an example of an alternate to price reduction which the dealer did for the plasma television. After which the customer was convinced to strike the deal.

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