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Title: Common Pricing Strategies
Description: Product pricing is a masterful psychological manipulation technique that we are exposed to on daily basis from simply picking up a gallon of milk to pre-ordering an iPhone. We try to make buying decisions based on value use and longevity but despite our best efforts, these pricing games subconsciously affect all our buying decisions
Description: Product pricing is a masterful psychological manipulation technique that we are exposed to on daily basis from simply picking up a gallon of milk to pre-ordering an iPhone. We try to make buying decisions based on value use and longevity but despite our best efforts, these pricing games subconsciously affect all our buying decisions
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THE PRICING SCIENCE
Product pricing is a masterful psychological manipulation technique that we are exposed to
on daily basis from simply picking up a gallon of milk to pre-ordering an iPhone
...
So, how exactly are products
priced?
Charm Pricing
This is when the price ends in
...
95
...
This is especially effective for prices that
are Just under a new place value like 10, 100 or 1000
...
When we see the price $1
...
By reducing the perceived cost companies are able to make their
product seem like a greater thus increasing the likelihood of a conversion
...
Owning certain products will display that you are
financially stable and even wealthy, and this perceived image is what sells
...
With premium pricing, companies try to get consumers to buy their
products based on exclusivity rather than value
Visual
Writing in a small font is a popular technique used by many companies
...
Conversely discounted
products have large physical price tags as this is perceived as a larger discount
...
This is designed to influence the
way we group the numbers in a price
...
Similarly, companies also share words that mean small with high
priced products
...
Price Splitting
...
This is especially
popular with monthly plans whether subscriptions or instalment payments
...
Title: Common Pricing Strategies
Description: Product pricing is a masterful psychological manipulation technique that we are exposed to on daily basis from simply picking up a gallon of milk to pre-ordering an iPhone. We try to make buying decisions based on value use and longevity but despite our best efforts, these pricing games subconsciously affect all our buying decisions
Description: Product pricing is a masterful psychological manipulation technique that we are exposed to on daily basis from simply picking up a gallon of milk to pre-ordering an iPhone. We try to make buying decisions based on value use and longevity but despite our best efforts, these pricing games subconsciously affect all our buying decisions