Creating a perception about price merely from the image the numbers provide the customers is called as ________________.

Question

Quizplus · Accepted Answer

Psychological pricing is the practice of using pricing tactics to psychologically impact the consumers' perception of the product's price, making it more appealing or attractive. It involves presenting prices in a way that creates a certain perception in the consumer's mind. This perception is based purely on the way that the numbers are presented, without giving any other information about the product or its features. Therefore, creating a perception about price merely from the image the numbers provide the customers is called as psychological pricing. The other pricing strategies mentioned are not specific to creating a perception based on numbers alone.

Creating a Perception About Price Merely from the Image the Numbers