Asked by Julia Little on Apr 25, 2024
Setting the price of a product in a way that will alter its perception to customers is known as ______.
A) penetration pricing
B) price skimming
C) psychological pricing
D) price lining
Psychological Pricing
A marketing strategy that utilizes price points believed to have a psychological impact, encouraging purchases.
Penetration Pricing
A marketing strategy where a product is priced lower than its competitors in order to attract customers and gain market share.
Price Skimming
A pricing strategy involving setting high prices at the launch of a new product to maximize profits from customers willing to pay more, before reducing the price over time.
- Elucidate the concept of psychological pricing and its effect on consumer perception.
Learning Objectives
- Elucidate the concept of psychological pricing and its effect on consumer perception.
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