Business Pricing Strategys

When businesses want to compete with competitors, they may use one of numerous methods in order to encourage the sale of their products. Psychological Pricing Psychological Pricing involves selling products and services at prices that people wrongly assume they are cheaper than they are, an example would be selling a product for £1.99, the aim is that the potential customer would often round down, and assume that the price of the product was £1, rather the fact that it is much closer to £2. Highly effective for large purchases, such as holidays, as the rounding amount is much larger. A study by Marketing… Continue reading Business Pricing Strategys