Recent Events
Decoding the Mind Behind the Price
Students at Apeejay School of Management dive into the science of perceived value
The Marketing Mavericks Club of Apeejay School of Management, Dwarka recently organised an engaging and interactive marketing activity titled “Price Perception Lab”. The session was designed to provide students with practical exposure to pricing psychology by exploring how consumers perceive value and estimate prices based on visual cues, size, and brand familiarity.
Moving beyond classroom theory, the activity focused on real-life consumer behavior, making the session competitive, application-oriented, and highly engaging. The primary objective of the Price Perception Lab was to help students understand the concept of perceived value and how it influences pricing decisions. The activity highlighted how consumers often depend on reference pricing, packaging, and comparison rather than precise cost calculations while forming price judgments.
The format of the activity was thoughtfully structured to encourage participation and analytical thinking. A total of seven teams, each comprising two members, competed in multiple rounds. In each round, participants were first shown a smaller version of a product along with its actual price. Using this reference point, teams were then asked to estimate the price of a larger version of the same product. The challenge required students to consider factors such as size difference, brand positioning, packaging appeal, and perceived quality before finalising their estimates.
Points were awarded to teams whose price predictions were closest to the actual market price. After several rounds, cumulative scores determined the overall winners. Throughout the session, students actively engaged in discussions, debating assumptions and analysing how visual presentation influenced their decision-making process. The activity clearly demonstrated the gap that often exists between expected price and actual market price.
The competition concluded with Nitin and Sanchit securing the first position, followed by Sohail and Sakshi in second place. Anushka and Daksh claimed the third position, showcasing sharp analytical skills and strong understanding of pricing perception.
The Price Perception Lab offered several valuable learning outcomes. Students gained insight into the role of perceived value in pricing strategies, recognised how product size and presentation shape consumer expectations, and understood how prior experiences influence purchasing decisions. Most importantly, they were able to apply pricing psychology concepts in a practical setting, strengthening their conceptual clarity through experiential learning.
The activity was successfully coordinated under the guidance of Faculty Coordinators Dr. Preeti Suryawanshi and Dr. Anushka Goel. Student Coordinators Ritik, Priyanshu, and Tanishka ensured smooth execution and enthusiastic participation.
Overall, the Price Perception Lab reinforced the idea that pricing is not merely a numerical calculation but a psychological process shaped by perception, comparison, and consumer experience. Once again, the Marketing Mavericks Club created a meaningful platform that effectively bridged academic theory with real-world marketing practice.
