Psychological pricing strategies
DOI:
https://doi.org/10.5281/zenodo.6378915Keywords:
psychological pricing, pricing strategies, business practicesAbstract
Psychological pricing allows businesses to price products in a smart way that attracts customers to buy while they are finalising the purchasing decision. Consistently using psychological pricing in marketing and sales is a psychological pricing strategy. These strategies are all, controversially, based on the concept of human innumeracy. That people are unable to apply mathematical concepts to their everyday decisions. The vast majority of companies use this disinterest in math to their advantage. That’s what informs most psychological pricing strategies. The article reviews some examples of psychological pricing.
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