Describe nine laws that influence buyer’s price sensitivity.

Nine laws that influence buyer’s price sensitivity:--

1.Price-Quality Effect:  

Customers appear to care less and less about the price of a product or service if they get the perception; it also delivers higher quality in return. This does not necessarily mean you need to have the best product in the world since this is also very subjective and varies from customer to customer; it means that you might have to establish a sense of exclusivity or rareness. You need to stand out.

And how to do this best as a venue? By using your experiences! A customer will most likely not pay more to go to venue A instead of venue B because their attractions are "technically better", but because of the experience involved in it. So use your customers' connection to experiences in creating this exclusivity. 

In a more administrative sense, for your business, this could also mean offering a certain amount of ticket packages in a limited amount or with a special add-on to it. 

Increasing quality perception can also be achieved by word-of-mouth, online or offline, meaning you could try to encourage your customers to review you by offering exclusive incentives in return. 

2. Expenditure Effect 

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