Anchoring bias is the human tendency to rely very heavily on the first piece of information (the anchor) offered when making decisions. This occurs in all of our decision making including purchase decisions. Once the anchor is in place, buyers decisions are then made by adjusting the initial anchor number, regardless of the legitimacy of the actual anchor number.
During the course of running a business you are going to have to raise your prices. Price increases are unavoidable if you want to stay in business. You have to constantly monitor your price point and your costs so that [...]
One of the challenges to running a successful business is pricing your products properly. Having the right price point can enhance how much you sell therefore creating the foundation of a profitable business. On the other hand, having the wrong [...]