Sale ! Sale ! Sale ! ๐
Your feed must be flooded with discounts by now. We all love discounts, donโt we?
This love for discounts is not because of the economics around it but because of the psychology behind it.
An Imp Thread๐งต
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#StockMarket #nifty50 #BlackFriday
Your feed must be flooded with discounts by now. We all love discounts, donโt we?
This love for discounts is not because of the economics around it but because of the psychology behind it.
An Imp Thread๐งต
(1/6)
#StockMarket #nifty50 #BlackFriday
Letโs learn about some psychological pricing strategies that brands use
Charm pricing: It involves using pricing tht ends in "9" & "99. This is done bcz the brain processes Rs. 300 & Rs. 299 as diffn values. To your brain Rs.299 is Rs.200, which is cheaper than Rs 300.
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Charm pricing: It involves using pricing tht ends in "9" & "99. This is done bcz the brain processes Rs. 300 & Rs. 299 as diffn values. To your brain Rs.299 is Rs.200, which is cheaper than Rs 300.
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Comparative Pricing:
How to sell a watch that is priced at Rs. 10,000? Put aside a similar watch which is priced at Rs. 30,000. This, my friend, is a psychological game that most brands play.
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How to sell a watch that is priced at Rs. 10,000? Put aside a similar watch which is priced at Rs. 30,000. This, my friend, is a psychological game that most brands play.
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Price Anchoring:
Likewise is the case of price anchoring where brands increase the price of a product initially and then provide hefty discounts on it. This creates an illusion for the customer who thinks he is getting a premium product at a low price.
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Likewise is the case of price anchoring where brands increase the price of a product initially and then provide hefty discounts on it. This creates an illusion for the customer who thinks he is getting a premium product at a low price.
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Decoy Pricing
The decoy pricing tactic is when a customer is presented with an option of two or more products, one of them being inferior. The presence of the โinferiorโ option makes the other products seem more attractive.
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The decoy pricing tactic is when a customer is presented with an option of two or more products, one of them being inferior. The presence of the โinferiorโ option makes the other products seem more attractive.
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