Even pricing
Even pricing, also known as psychological pricing, is a marketing strategy where prices are set at specific amounts that are perceived as more attractive to consumers. This pricing technique is based on the belief that certain price points are more appealing and easier for customers to process mentally.
For example, retail prices are often set at $9.99 instead of $10.00, as consumers tend to perceive the price as being significantly lower even though the difference is only one cent. Similarly, prices may be set at $49.99 instead of $50.00 to create the illusion of a better deal.
By using even pricing, businesses aim to increase sales and attract more customers by making prices seem more affordable and appealing. This strategy takes advantage of consumer psychology and influences purchasing decisions based on perceived value.
Overall, even pricing is a common and effective pricing strategy used by businesses to influence consumer behavior and increase sales.
Examples of Even Pricing:
- $19.99 instead of $20.00
- $79.95 instead of $80.00
- $9.95 instead of $10.00
For more information on even pricing, you can visit Wikipedia.