Psychological Pricing

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Summary

What is Psychological Pricing? Meaning.

Psychological Pricing is a market-based approach to pricing wherein prices are set to a level that is perceived as attractive by consumers. This method is designed to encourage purchases that are based on emotional rather than rational responses. For example to a relative high level to promote the idea of value and status for consumers that believe price is an indicator of quality. Or just below a round figure (popular price points) to for example $19.99 to suggest the price is in a lower range than the consumer expected. Also special promotions can be used such as 3 for the price of 2 to attract consumers looking for a bargain.


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🔥 NEW The Decoy Effect: Pricing Using Alternatives
While lining up at a movie theatre to buy some popcorn you are feeling very hungry. So you intend to buy a medium-sized (...)
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The Importance of Price Stereotypes for the Price Image in Consumer Products
Research by Hamilton and Chernev (2013) revealed that consumers persist to believe certain general stereotypes when it c (...)
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Pioneer Pricing vs. Psychological Pricing
What is the difference between psychological pricing and pioneer pricing? (...)
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Is this Psychological Pricing?
Can you anser the following question. A shop is selling a product for 5.01. Is this psychological pricing or not? (...)
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Overview of Pricing and Pricing Strategies

Pricing
This presentation contains an overview of various pricing strategies, including for example pricing based on competition (...)

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Compare with: Marketing Mix  |  Positioning  |  Perceived Value Pricing  |  Promotional Pricing  |  Cost-plus Pricing  |  Standard Cost Pricing  |  Marginal Cost Pricing  |  Target Pricing  |  Penetration Pricing  |  Price Skimming  |  Competitive Pricing  |  Discount Pricing

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