Psychological Pricing:
In psychological Pricing sellers consider the psychology of prices and not simply the economics. for example consumers usually perceive higher priced products have high quality. when they can judge the quality of a product by examining it or by calling on past experience with it, they use price to judge quality. But they can't judge quality because they lack the information or skill. Price becomes an important quality signal.
4 comments:
I found it very interesting, can you pls quote an example of such products.
One of the product example, I think Mobile or computer accessories!
Is this ok?
mobiles and PC accessories are of high quality as well as expensive,,,,,but i think with a little discount in the price of a mobiles and PC accessories, customers didn't think that it has decrease its quality,, they may think that its costs have decreases......
so i personally do not agree that these products are good example of psychological pricing.
@ Salman. It is in consumers mind that the phones that manage to maintain its high price is the one most selling and of good quality so high price does sometimes has an impact.
@salman: HKT is very in these days for mobile accessories and its expensive as compare to other brands and its sale is far much good than its competitors because its giving quality to its customers.....
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