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Prestige pricing strategy
(Ajantha)

A prestige pricing strategy in which prices are set at Haigh level recognizing that lower price will inhibit sales rather  than encourage them and that buyers will associate a high price for the product with superior quality also calked image pricing. There is no discounting.
In other words, it is a physiological pricing strategy that is set by the company for luxury product s to the expectation of the niche class of customers who pay a high price for them, their association with that quality image links to their perception of self worth.
this is the image pricing that has the potential to manipulate the  human mind incredibly because lower prices will hurt the prospective customer's expectations rather than helping sales, and that is why it is also called as premium pricing and image pricing.

Example :
Nike is a perfect example of companies using a pricing strategy. Nike prices its product based on its image. to promote its brand, it hires celebrity endorsers as well. for its image and logo only, a person pays the amount more they can get the same type of product from other brands.

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charm pricing

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why businesses are using psychology pricing strategy ?

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why businesses are using psychology pricing strategy ?

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imalsha & thilina
Psychological pricing is a pricing tactic that is designed to appeal to customers who use emotional rather than rational responses to pricing messages.

Sometimes prices are set at what seem to be unusual price points.  For example, why are pair of shoes priced at rs.499.99 or rs.999.99? The answer is the perceived price barriers that customers may have.  They will buy something for rs.399.99, but think that rs.400 is a little too much.  So a price that is one cent lower can make the difference between closing the sale, or not!

The aim of psychological pricing is to make the customer believe the product is cheaper than it really is.  Pricing in this way is intended to attract customers who are looking for “value”.

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BOGOF; Buy one ,get one Free
(Rizma)

pricing Stratergy which customer pay the full price for one product or service  to get another for Free.

Once a customer across the offer logic get tossed

The main focus of this statergy is to make the purchase to get the free Item.

Examples

1. Buy one and get 25% off your next purchase

2. Buy one , get three for free

3. purchase one and get four bonuses valued at rs 60 for free.

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( Rishini)
Charm pricing, also known as psychological pricing, is a pricing strategy that uses odd numbers—often nines—to demonstrate perceived value to shoppers and convince them to buy.

Charm pricing uses psychology to convince consumers that something is cheaper by reducing the price by a few cents.

For example, this pricing strategy is often identifiable by a price ending in 99 cents instead of a round number, such as $3.99 instead of $4.00.

Why does charm pricing work? Nobody is quite certain. There are a number of theories, including:

Specificity: Charm pricing offers a degree of specificity, which psychologically triggers an idea that the product is priced at the proper value.

Perceived loss: Consumers value a product based on loss rather than gain

Perceived gain: The opposite of perceived loss could also be true, and consumers could use charm pricing as a way to feel like they’ve saved money.

Who should use charm pricing?
Charm pricing might also fit your strategy if you have products that people buy on impulse. The specificity of the price appeals to the “logical” side of the brain, and helps consumers justify their decision to add that small item to their cart at checkout.

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Comparative pricing strategy
(Kavindya)
Comparative pricing may be tagged as the most effective psychological pricing strategy. This simply involves offering two similar products simultaneously but making one product's price much more attractive than the order.

This is a psychological game of choice for the customer, who has to choose between two products that are similar but have different prices.

A perfect illustration of this strategy would be the case study on " The Williams-Sonoma bread maker".

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Visually highlight the different prices
(Dinusha)
That is sale with a previous price side by side with a new one, you make more sales because customers feel they are getting a bargain and are not interested in researching the drop in price
To make the new pricing strategy work effectively, use the psychological trick of changing the font, size and color of the new price

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1. It requires consistent demand levels to be effective.

Psychological pricing is only effective when demand levels for products or services are kept consistent.

Many psychological pricing strategies cannot be implemented over a long-term period because consumers eventually grow wise to the fact that the perceived deals are not that strong.

2. It can create long-term pricing expectation

If use psychological pricing all the time to encourage sales, then consumers will always  expect to see the lowest price and cheper price possible in long term whenever possible.

3. It could hurt the reputation of company brand.

Some psychological pricing strategies are accepted, and even sometimes appreciated. Others create a different result. If a customer is expecting one price, but the final price is different, and that difference is unexpected, then it will create a negative perception of your company.

4. It doesn’t let you stand out from the competition.

Every business is conducting psychological pricing on some level today. You don’t stand out in your industry if everyone is doing it.

Some consumers might feel that a brand is more honest and transparent if they charge an actual price and run periodic sales instead of employing one of the various psychological pricing strategies that are available.

5. customer is paying through methods like debit card, credit card, internet banking For the products

then this pricing strategy is not success. Because the  saller can not to recover the expected price from the customers.

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Prestrige Pricing Satergy
(Ajantha)
A pristrige pricing strategy in which prices set at a highlevel recognising that lower pricing will inhibit sales rather than encourage them and that buyers will associate a high pricefor the product with superior quality also called image pricing.There is no discounting.A part from the four basic pricinh strategy.There are,
*Premium
*Skimming
*Economy or Value
*Penetration
Examples of marketof prestige pricing strategy is used are watches, perfiume, and luxury automobiles.