Know customers and vendor to specify price.

Pricing strategy is important and we have to study customer psychology and

vendor’s behavior before implementing it. For some product we should set the price with

the lump sum amount, we should not set the price lower than the competitor just to beat

competitor but let the vendor have to make some change. Sometimes some product set the

price in zero digit like 20 baht so the vendor doesn’t have to give a change back, they would

not sell the product that the price is lower (like 18 baht) but need to give the change back to customers since it is easy for the vendor to sell the one with 20 baht with no change.

By the way, for products with the price ended with 9 baht like the 199 baht blouse, it

looks cheaper than the 200 baht one even though the difference is only one baht but it is the

psychology effect. We should know this and set the price to motivate them to buy from us. If we learn the customer and vendor behavior, we will set the price to match them. Thank you.

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