King Willies Mattresses & Recliners and Impact of Pricing on Consumer Psychology

Question

William, the owner of King Willie’s Mattresses & Recliners, has seen a recent increase in competition and needs to find a way to drive revenue through the use of pricing.  As the boss and owner, he sets the prices but he lacks the understanding of how price influences consumer psychology when he sets prices.  What should King Willie be most focused on as he selects the pricing method to ensure that he considers the impact on consumer’s psychology?

Summary

This question belongs to marketing and discusses about the pricing strategy of King Willie’s Mattresses & Recliners.

Word count: 773