Psychological Pricing | Consumer Psychology and Pricing | Perception Pricing (Marketing video 68) скачать в хорошем качестве

Psychological Pricing | Consumer Psychology and Pricing | Perception Pricing (Marketing video 68)

View all our courses and get certified on https://academy.marketing91.com Consumer Psychology refers to the study of human behavior related to their buying preferences, patterns, and customs based on consumer products. Psychological Pricing refers to the marketing and pricing strategy of setting the prices of goods and services at slightly lower than a whole number. It is done to impact and influence the consumer's minds so that they find the price appealing. Psychological Pricing Example When you have a lesser first digit like 5.99 dollars people see the number 5 and not 6 although the amount is near about the same. Digits ending with 99 boosts sales as the customer is fixed on the lesser number on the left and not the whole number. Psychological Pricing Strategies 1. Limited Period Offers Limited Period Offers refers to a deal, discount or reward that a buyer will receive if he purchases a product or service during a specific period. It is very common in the retail industry where several offers are given to attract the consumers. 2. Spotlight Pricing In Spotlight Pricing, the number 9 is seen at the end of a price tag in a general store as it boosts customer demand for a product. It is a psychologically proven fact that people read from left to right and when they encounter a number suppose 3.99 they will see 3 first and identify the offering as a deal. 3. Perception Pricing Perception Pricing refers to the way buyers perceive the price level at offline and online stores. 4. Price Design The Price Design has a huge impact on how a consumer perceives the value of a product. Organizations keep the price in smaller font and do not keep the extra zeroes to make it look approachable as the consumer does not like to spend his hard-earned cash easily. This video is on Psychological Pricing and it has the following sub-topics. Time Stamps 0:00 Introduction to Psychological Pricing 00:42 Psychological Pricing Example 01:02 Psychological Pricing Strategies 01:05 Limited Period Offers 01:45 Spotlight Pricing 02:20 Perception Pricing 02:44 Price Design Psychological Pricing