Even pricing
Even pricing, also known as psychological pricing, is a marketing strategy in which prices are set at a whole number or a round figure. This tactic is used to make prices appear more attractive and easier for consumers to process.
For example, instead of pricing a product at $10.99, a marketer might choose to price it at $10. This is because consumers tend to perceive the $10 price as a better deal, even though the difference is minimal.
Some common examples of even pricing include $5, $10, $20, $50, and so on. These prices are easy for consumers to remember and are often used to create a sense of value.
Overall, even pricing can be an effective strategy for businesses looking to increase sales and attract more customers.
Benefits of Even Pricing:
- Attracts customers: Consumers are more likely to make a purchase when prices are set at even numbers.
- Increases perceived value: Even pricing can make products appear more valuable and desirable to consumers.
- Boosts sales: By using even pricing, businesses can encourage more purchases and drive revenue.
Overall, even pricing is a common tactic used by marketers to influence consumer behavior and drive sales.
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