What is psychological pricing? What are the four methods identified in the text? Explain.
What will be an ideal response?
Psychological pricing strategies attempt to encourage consumers to make their purchase decisions on some emotional basis rather than a rational basis. One technique is the use of odd/even pricing. Organizations utilizing the odd strategy will use prices ending with odd numbers in the effort to encourage buyers to view their products as bargains. Even pricing (such as even dollar amounts) is used to present an exclusive image of the product to the consumer. Customary pricing is often used with convenience goods. If customers normally pay a certain amount for a certain type of product then they will pay that amount for the organization’s product. Prestige pricing is often used to indicate quality. People perceive a relationship between price and quality, regardless of whether that is correct. Price lining sets a limited number of prices for selected lines of merchandise. The assumption here is that using price in this manner can simplify the customer buying decision.
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Indicate whether the statement is true or false
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A. conjunctive B. subjunctive C. indicative D. disjunctive E. additive
Throughout U.S. history, the President's authority to invoke national emergency strike procedures has been used frequently to keep commerce flowing.
Answer the following statement true (T) or false (F)
Which of the following statements is true of nonverbal communication?
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