GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Leads to value and quality perceptions to a customer
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Helps suppliers know how much to charge a business for purchasing their product
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Gives managers an opportunity to learn things about customers
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Offers customers the ability to purchase a product
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Detailed explanation-1: -Why is psychological pricing used? Some of the reasons stores use psychological pricing are to get an attention boost, simplify the customer’s decision-making process, create a sense of urgency for the purchase, increase returns on one-time sales, and more.
Detailed explanation-2: -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-3: -Psychological pricing, as a phrase on its own, describes the business practice of setting prices lower than a whole number. The idea behind reducing the left most digit is that customers will read the slightly lowered price and treat it as much lower.
Detailed explanation-4: -Psychological pricing is the practice of using the power of psychology to push consumers to spend. It’s a joint effort of pricing, marketing, and sales to build an attractive offer that captures consumer attention and makes a product so desirable the shopper can’t wait another day to buy it.