Bear that in mind as we discuss how each individual processes prices. These decision-making styles are flexible. The same person can be a different kind of buyer in different situations.

Borrowing from our post about decision-making styles, imagine eight different kinds of buyers: the perfectionist, the image-conscious, the hedonist, the frugal, the novelty seeker, the impulse shopper, the confused, and the loyal. This is more easily illustrated than explained. Yet price is also a data point which consumers weigh heavily into their decision-making process. Yes, that is its primary purpose: to tell a buyer what a good or service costs. Price isn’t just what you pay for a product or service. Price Isn’t Just a Number: How Pricing Creates Meaning Mercifully, it doesn’t involve throwing darts at a dartboard and adding a couple of zeroes to your score. Fortunately, there is an art and a science to pricing products. Yet every product and every service must be assigned a price. What do they need the most? How can you best meet those needs? For whom is this product designed? One of the biggest questions, though, comes up when pricing products and services: how much should I charge? When creating the perfect product for your customers, you have to ask yourself a lot of questions.

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