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James Dion: The Psychology of Price

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Published on Mar 23, 2012

Price is just a number, yet consumers and retailers are obsessed with it. Consumers want the best deal possible where that is what they need or not, as getting the best price is the equivalent of winning. Retailers respond by slashing prices rather than teaching the customer that the lowest price is not always the best deal because as John Ruskin, leading English art critic of the Victorian era, also a prominent social thinker, pointed out 'the thing that was bought (cheaper) was incapable of doing the things that it was meant to do."

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