In this sophisticated economy, which we are currently in, the fierce competition is characterized by battles in intense pricing battles that often involve strategic planning and a given pricing strategy, psychological pricing
Every pricing strategy has advantages and disadvantages, so nothing is perfect. One of the key advantages and disadvantages of using psychological pricing is described below.
Let's start with the disadvantages first, huh? Take a look at the meaning behind the psychological pricing, aiming to "tricks" in the minds of mankind to deceive us something that does not fit our true self. The only word is perception.
By utilizing psychology, marketers create some other perception, so we think what we think. The disadvantage is that … as a typical consumer who is likely to fall into this pricing strategy, they will soon know that they are deceived and will not re-purchase this particular business.
What you can learn from this is that every price strategy must be carefully designed to prevent crossing the side line causing it.
Another disadvantage of psychological pricing is that you are not alone, simply not the first person to use this tactic on the farm. The fact is that when everyone uses the same trick in competition, it is basically Communism. The trick will deteriorate because the majority does exactly the same thing.
Here's what you need to get out of the crowd and be strange in the originality of the pricing campaigns.
Everything in the world has its disadvantage and its surface. It not only applies price strategy, it will obviously increase sales and generate more profits, it also enjoys several other key profits.
Quite frustrated by the unexpected results of the plan? Any plan? In fact, there are no plans in the world that are defective, and any plan executive is often concerned about possible outcomes and adverse side effects. In the psychology of pricing, however, there is a minimum of attention, since such pricing tactics are directed at all people, and I assume that human beings are the only buyers in the world?
He said that surely there is no room for the failure of the use of psychology in pricing, but only the efficiency and the positive results you need will require serious efforts and work, so the amount of work determines your reward. However, double testing is the best option.
Source by sbobet