Timothy is experimenting with boosting the sales of the goods in his store by using odd-even pricing, multiple-unit pricing, and reference pricing. These are all examples of ___ pricing strategies.
A)psychological
B)status
C)luxury
D)exemplary

Question

Timothy is experimenting with boosting the sales of the goods in his store by using odd-even pricing, multiple-unit pricing, and reference pricing. These are all examples of ___ pricing strategies.​
A)​psychological
B)​status
C)​luxury
D)​exemplary

Quizplus · Accepted Answer

Odd-even pricing, multiple-unit pricing, and reference pricing are all examples of psychological pricing strategies. These strategies aim to affect consumer behavior by appealing to their emotions, perceptions, and attitudes towards prices. Odd-even pricing uses prices that end in odd or even numbers to create a perception of "discount" or "value". Multiple-unit pricing offers a lower price per unit for purchasing more than a single unit, creating a perception of "bargain". Reference pricing compares the seller's price to the price of the same or similar products from other sellers, creating a perception of "competitiveness" or "fairness". All of these strategies leverage psychological factors to influence consumer perception and encourage them to make a purchase.

Timothy Is Experimenting with Boosting the Sales of the Goods