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211. The Psychology of Price—The Markup and Markdown Game (B)
It is good practice for any retailer to continually review pricing to find areas for improvement. Initial product markup directly affects how profitable your retail business can be. Learn the benefits of using different competitive pricing strategies to implement in your store immediately. Discover three elements that initial markup must satisfy to achieve your profit goals, learn how to effectively use pricing psychology to increase markup, and uncover why cost-based pricing can limit your profit potential. Learn to position prices based on how customers conceptualize numbers, including why purchases made on emotion should be priced differently. Avoid words that taint customers' perceptions. Before you price your next batch of inventory, you’ll want to know this information!