Customary Pricing
There are various types of pricing strategies followed in the market. They are psychological pricing, odd pricing, free onboard pricing, customary pricing, prestige pricing, dual pricing, ruling pricing, negotiated pricing, mark up pricing, etc. each one can be explained as follows:
Multiple Unit Pricing
“Multiple-unit pricing is a practice where a company offers consumers a lower than unit price if a specified number of units are purchased.”
What is odd-even pricing?
Odd-even pricing is psychological pricing evaluating strategy in which numeric worth is used to affect the client's impression of item esteem. The "odd" portion of this strategy alludes to a price value finishing in 1,3,5,7,9—or any number just under a considerably even number. The "even" part alludes to a whole number value finishing in an entire number in tenths, for example, $0.20 or $50.
Advantages:
1.Encourages larger purchases: Since customers feel they are getting a discounted price, they are more likely to buy more. Additionally, ending your prices in odd numbers makes it more difficult for people to add up the total cost. Typically, people will end up estimating and purchasing more.
Pricing something like "$9.99" may encourage people to buy without thinking. Odd pricing often resonates with customers as a discount, so when customers see the odd numbers, they may not think too hard about the overall cost of the purchase.
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