summary:
Psychological pricing is a strategy that uses the power of psychology to influence customers to spend more by setting prices that are lower than an integer, such as $3.99 instead of $4.
The strategy aims to create a perception of a deal or discount, and to motivate customers to buy.
Examples of psychological pricing techniques include the use of prices that end in 99 cents, as well as the use of price fixing, where a higher-priced item is offered first to make the subsequent item seem more reasonably priced.
Psychological pricing can enhance attention to a product, simplify decision-making for consumers, offer a high return on investment for one-time sales, and create a sense of urgency for customers.
Setting an accurate price without randomness is crucial in psychological pricing to effectively attract and influence customers to buy.
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