ENTREPRENEURIAL MARKETING
PRICING STRATEGIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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loss Leader
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Cost Plus Pricing
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High Pricing
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Psychological Pricing
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Detailed explanation-1: -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-2: -Markup pricing or cost-plus pricing is a pricing strategy where the price of a product or service is calculated by adding together the cost of the products and a percentage of it as markup.
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.