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Anchoring and price perception

Lesson 6 of 12 in Brand psychology.

Lesson

Price is read relative to something rather than in absolute terms, and the something is whatever was seen first. A menu, a pricing page and a shelf all set anchors, usually without anyone deciding to.

An ink drawing of a bakery counter with a huge tiered cake on a tall stand at the front and a row of small pastries further along, a customer looking from one to the other. — The giant cake at the front makes every pastry after it look cheap.

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Question 1, locked
Which of these words means this? “A first number setting the range for every judgement after it.”
- Cue
- Anchoring
- Memory structure
- Effect size
Question 2, locked
Which of these words means this? “What somebody expects this to cost. Set by the category and by you.”
- Pre-registration
- Control
- Reference price
- Falsifiable prediction
Question 3, locked
Which of these words means this? “An option that exists to make another look reasonable.”
- Switching cost
- Disruption
- Decoy
- Habitual purchase

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