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People believe that they get a good deal despite the fact that they are actually playing a game that is set by the company that sells these products. and kai, i m wondering, do you think, you know, our consumers more likely to be accepting of rising pricesjust because of all the information about inflation that we we re constantly hearing about? yes, absolutely. 0ur minds adapt very quickly to new situations. and a very important concept in that respect is anchoring. so if i am getting used to high numbers, also my price perception goes up and i am more much more willing to accept high prices. however, one problem from the corporate perspective is that if you train your consumers to become bargain hunters, it s very hard to retrain them to accept high prices. well, kai, economics would suggest that we we would always choose the best value. but that s that s not always the case. ....
And kai, what do you think about companies using shrinkflation? you know, keeping prices the same, but but making the product smaller? i mean, is that effective? shrinkflation is effective. depends very much on the perceptual threshold. so for example, in weight, if i compare to weights, i need at least two grams of difference for 100 by 100 grams to perceive that. difference at all. grams to perceive that difference at all. now, over time, that becomes more so i maybe forget that last week, you know, that carton of milk or that little piece of tea or so was slightly heavier than this week. so companies understand what the perceptual threshold for the different units is. they have good chances to make ....
Prices of raw materials are heading. kai markus mueller, who s the neuroscientist who gives us the psychology behind the way shops set their prices. and christel delberghe, she s the boss of eurocommerce, which represents the big retailers in some 27 countries across europe. also on the show, from the coffee field to your daily mug ofjoe, i ve got antonio baravalle, the big boss of the coffee giant lavazza, to talk to us about pricing from bean to cup. wherever you rejoining me from around the world, once again, a big hello and a very warm welcome to the show. blimey, how much is that? you know, that s the question millions of us are now asking ....
That s the start of how prices get set. but how much does psychology play in the price that we pay for our shopping? well, my next guest has literally written the book on this. it s called the invisible game the secrets and the science of winning minds and winning deals. kai markus mueller, a real pleasure having you on this show. and kai, let s start with this. what are some of the tips and tricks that retailers use? well, there is a wealth of them in consumer psychology. but i ll tell you a few of them. a very, very, very strong component is, for example, the default effect. so, for example, if you have a subscription, it renews by default and we have trouble thinking about the renewal, wejust let it go. then there are things like read signs for discounts. people have learned these things over and over that read signs give you pleasure. ....
KAI acting director of facility management says the collaboration focuses on improving the management of railroad facilities on a multi-year basis. ....