Psychological Pricing Research Paper

Psychological Pricing Research Paper-4
For example, consider the two price tags, 0 and .

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These odd prices actually give the illusion that you are paying drastically less than you actually are.

So, to the conventional human mind, $199.99 seems closer to $100 than to $200, just because it starts with “1”.

Did you ever ask why a hotel room costs $199.99 a night and not $200?

Did you ever feel that most of the price tags around you are somewhat odd?

Remarkably, a low number of price points generate more than half of the sales for groceries and clothing.

Benford’s law regarding first digits applies for furniture shops.By continuing to use this site, you consent to the use of cookies.We use cookies to offer you a better experience, personalize content, tailor advertising, provide social media features, and better understand the use of our services.Psychological pricing is a pricing tactic that takes advantage of a customer’s emotional response to certain price points in order to enhance sales prospects.Psychological pricing uses unusual pricing conventions to make products or services look significantly cheaper than they actually are.The unlucky digit 4 appears less frequently in price endings in Chinese restaurants.The lucky number 9 is more frequently used on Chinese menus.Odd pricing is a part of something that experts call psychological pricing.In this article, you will learn about 1) an introduction to the psychology of pricing and 2) leading pricing strategies based on psychology.We use cookies to make interactions with our website easy and meaningful, to better understand the use of our services, and to tailor advertising.For further information, including about cookie settings, please read our Cookie Policy .

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