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Psychological pricing
1.
PSYCHOLOGICAL PRICING BY- Aditya
Pratap -15PGP146 Gowtham Naik-15PGP149 Mansingh Hembram-15PGP151 Ravindra Arya-15PGP153 Ronak Choudhary-15PGP155 Himanshi Shivhare-15PGP158
2.
Psychological Pricing • Is
based on the theory that certain price figures have psychological impact. • Uses the customer's emotional response to encourage sales.
3.
Psychological pricing strategies •
Charm Pricing
4.
Price Reframing - Keep
the Shipping and Handling Separate. -Offer Payments in Instalments.
5.
- Mention the
Daily Equivalence Price Reframing R E
6.
Price Reframing
7.
Influence customer by
small magnitude. -Position Prices Toward the Bottom-Left - Use a Smaller Font Size
8.
- Remove the
Comma When Possible - Use “Congruent” Language Influence customer by small magnitude.
9.
-Be Precise With
Large Prices Influence customer by small magnitude.
10.
Maximize Reference Price -Expose
People to a Higher “Incidental” Price. - Expose People to Any High Number
11.
- Raise the
Price of Your Previous Product Maximize Reference Price
12.
Emphasize the Gap
Between Reference Prices - Visually Distinguish Higher Price Comparisons - Offer a Decoy Product
14.
Reduce the “Pain
of Paying” - Remove the Currency Sign - Charge Customers Before They Consume
15.
-Bundle Your Product -
But Don’t Bundle Expensive Products Reduce the “Pain of Paying”
17.
- Shift the
Focus Toward Time-Related Aspects. - Create a Payment Medium Reduce the “Pain of Paying”
18.
- Follow the
“Rule of 100”. - Provide a Reason for the Discount Use Discounts Strategically
19.
- Avoid Discounts
With Precise Numbers Use Discounts Strategically
20.
Flash Sales
21.
Buy one, get
one free
22.
REFERENCES • http://www.nickkolenda.com/ • http://smallbusiness.chron.com/ •
https://econsultancy.com
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