Sample interview questions: Can you discuss your experience with analyzing consumer responses to different types of promotional pricing tactics, such as price bundling or volume discounts?
Sample answer:
As a consumer psychologist, I possess extensive experience in analyzing consumer responses to various types of promotional pricing tactics, including price bundling and volume discounts.
Price Bundling
- Heuristic processing: Bundling can simplify decision-making, leading consumers to perceive greater value and make purchases based on heuristics rather than rational analysis.
- Anchoring effect: The price of the bundle becomes an anchor, influencing consumers’ perception of the value of individual items.
- Cognitive bias: Consumers may overvalue perceived savings when purchasing bundled items, which can lead to increased spending.
Volume Discounts
- Quantity threshold: Consumers tend to respond positively to discounts that require a specific purchase quantity. This threshold can encourage bulk purchases and increase perceived value.
- Perceived scarcity: When a volume discount is framed as a limited-time offer, it can create a sense of scarcity and urgency, motivating consumers to purchase.
- Loyalty: Volume discounts can foster consumer loyalty by rewarding repeat purchases and incentivizing bulk subscriptions.
Additional Insights
- Demographics … Read full answer
Source: https://hireabo.com/job/7_0_15/Consumer%20Psychologist