Understand the Various Consumer Psychology and Pricing Classifications
Marketing team always make an effort to understand consumer psychology towards pricing, and there are various methods like market research, focus group study, peer group study and so on that is used by marketing companies. The common methods that marketing companies sue for pricing after understanding consumer psychology and pricing can be classified into three
Multiple unit pricings
This is a pricing strategy that will be used to make a sale that will have bundles. The common term that will be sued in this multiple strategies will be you get one free when you buy one, or you will get two with discounted pricing. This is useful when selling bathing soaps where a packet of four can be bundled together and can be offered to customers at a discounted price.
Odd pricing
A consumer has preferred odd pricing like $49 than $50. This pricing is usually avoided at high pricing stores, and this pricing works better at discounted stores.
Prestige pricing
Consumers are willing to pay more money if they feel that they are buying a product from a prestigious shop that can increase their social value, and then they will flush out more money even if that product is available at a lower price in some other shop that is not deemed as a prestigious shop.
The pricing barriers according to consumer psychology
Consumers will have a price barrier in their mind when they set their eyes on a product. For example, if a person wants to purchase a toy for his or her child and he or she is putting a price for a toy between $20 and $ 30, and in reality, the person will not purchase the toy if it falls below the expected price or if goes beyond actual price.
Element of time on consumer psychology
Students getting consumer psychology and pricing assignment help from myhomeworkhelp.com will get to understand the value of time. Consumers are willing to spend that extra dollar if they feel that it is worth their time. Consumers will spend that extra money to listen to music show if they can get relaxation and if they feel elated for work.
Comparative pricing and consumer psychology
Assume that a consumer went to a drug store to purchase medicine and there are two options namely branded medicine and generic medicine. Generic medicine costs less and certain consumers will purchase it saying that they save dollars while certain consumers will not purchase generic saying they feel it is of low quality. These differences are well explained in our consumer psychology and pricing assignment help.
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