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Acronyms that contain the term psychological pricing
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What does psychological pricing mean?
- Psychological pricing
- Psychological pricing is a pricing/marketing strategy based on the theory that certain prices have a psychological impact. The retail prices are often expressed as "odd prices": a little less than a round number, e.g. $19.99 or £2.98. Consumers tend to perceive “odd prices” as being significantly lower than they actually are, tending to round to the next lowest monetary unit. Thus, prices such as $1.99 are associated with spending $1 rather than $2. The theory that drives this is that lower pricing such as this institutes greater demand than if consumers were perfectly rational. Psychological pricing is one cause of price points.
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"psychological pricing." Abbreviations.com. STANDS4 LLC, 2024. Web. 10 Jun 2024. <https://www.abbreviations.com/psychological%20pricing>.
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