BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Psychological pricing is used when prices are set to a certain level where the consumer perceives the price to be fair.

Detailed explanation-2: -Value-based pricing is a strategy of setting prices primarily based on a consumer’s perceived value of a product or service. Value-based pricing is customer-focused, meaning companies base their pricing on how much the customer believes a product is worth.

Detailed explanation-3: -Psychological pricing can also be described as setting prices lower than a whole number-for example, $3.99 is perceived as “cheaper” than $4. The idea is that customers will perceive the slightly lower price as a deal and be motivated to make the purchase.

Detailed explanation-4: -Psychological pricing is a pricing strategy that takes advantage of the way people perceive prices. This strategy involves setting prices just below a price point that contains a “9, ” such as $9.99 or $19.99, in order to make a product appear cheaper and more attractive to buyers.

Detailed explanation-5: -Psychological pricing is a strategy that uses pricing to influence a customer’s spending or shopping habits to make more or higher value sales. The goal is to meet a customer’s psychological need for something, whether that’s saving money, investing in the highest quality item, or getting a “good deal.”