Group no:11 by Imalsha Sewwandi https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z Made with magic en-us 2020-11-24 08:36:06 UTC 2024-06-19 23:38:09 UTC hello@padlet.com What is psychological pricing? dilinisewwandi19 https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955460961 Psychological pricing is the business practices of setting prices lower than a whole number. ]]> 2020-11-24 09:17:17 UTC https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955460961 Prestige pricing strategy ajanthapriyadarshani5 https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955464490 Example 4
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.

]]> 2020-11-24 09:18:42 UTC https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955464490 what is charm pricing? rishinipiumika97 https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955466146 Example 1
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.

Ex:  price is end in  99 cents instead of a round number, such as $3.99 instead of $4.00.

Why does charm pricing work?. There are a number of theories, including:
  • Specificity
  • Perceived loss
  • Perceived gain
]]> 2020-11-24 09:19:21 UTC https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955466146 why businesses are using psychology pricing strategy ? mimalshaweerasingha https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955466603 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”.

]]> 2020-11-24 09:19:34 UTC https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955466603 Cons Of Psychological Pricing naveennirupama8312 https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955466727 1. It requires consistent demand levels to be effective.        
2. It can create long-term pricing expectation 
3. It could hurt the reputation of company brand.
4. It doesn’t let you stand out from the competition.
5. customer is paying through methods like debit card, credit card, internet banking For the products
]]> 2020-11-24 09:19:36 UTC https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955466727 ddananjali176 https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955475703 Visually highlight the different prices

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

]]> 2020-11-24 09:23:14 UTC https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955475703 BOGOF ; Buy one ,get one free mhfrizma https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955497430 Example 2
  • This is a pricing strategy which customer pay the full price for one product to get another for free.
  • The thing that here happen is once a customer make the offer logic gets tossed.
  • The main focus on this strategy is to make the purchase to get the free item.
Examples

  1. Buy one , get three for free.
  2. Buy one and get 25 % off your next purchase.
  3. Purchase one and get four bonuses valued at Rs.60 for free.
]]> 2020-11-24 09:32:26 UTC https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955497430 Pros on psychological pricing dilinisewwandi19 https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955516997 1.     Attention boost
2.     Simplified decision-making process
3.     High return
4.     Sense of urgency
]]> 2020-11-24 09:40:15 UTC https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955516997 Comparative pricing mhfrizma https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955572156 Example 3
  • Here simply it says that,while offering two simiilar products simultaneously ,But making one product price  more attractive than others.
  • This satergy work well with fashion brand
  • Here customer pic the most expensive one.
  • Thinking that it may have high quality.
]]> 2020-11-24 10:01:22 UTC https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955572156 psychological pricing dilinisewwandi19 https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955572457 2020-11-24 10:01:30 UTC https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955572457 mimalshaweerasingha https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955599851 2020-11-24 10:12:37 UTC https://padlet.com/mimalshaweerasingha/ukjb53g47agjir7z/wish/955599851