Swot Analysis Of Consumer Behaviour
Consumers buy things according to their purchasing power and their preferences. There are various pricing techniques which sellers use to maximize consumer utility and to gain as much profit as possible. Talking about The psychological pricing techniques used by sellers, These strategies make the price more attractive and the strategy is not to lower the prices but is related to the emotions of the consumers. Various psychological pricing strategies are odd even pricing, prestige pricing, multiple pricing, bundle pricing and promotional pricing. A lot of retail stores use these kinds of pricing strategies as they provide a platform to emotional consumers rather than rational consumers. Research on consumer behavior suggests that many consumers buy products on the basis of their emotional decisions. Psychological Pricing is a play on the perception of the consumer. It creates a reputation in the minds of the consumers of its perceived value.
Pricing Strategies:
Odd Even Pricing: It is also called charm pricing or nine end pricing. According to
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