Customers have price expectations in their minds before entering a store, as well as expectations of prices in other stores. How customers update their expectations once they see the actual prices can help businesses better manage their promotions and sales for maximum effect.
Human beings may be biologically hardwired to prefer the first option presented to them, particularly if they have to make that choice quickly. Businesses can use this finding to tailor their marketing and other strategies to nudge customers towards a particular product or service. Recent research confirms the importance of being first and why this should inform point-of-sale, online, and other marketing messages.
