The Psychology of Pricing in Consumer Behavior
- 1. Which pricing strategy involves setting a high price to indicate high quality and exclusivity?
A) Psychological Pricing
B) Skimming Pricing
C) Competitive Pricing
D) Premium Pricing
- 2. At which stage of the consumer decision-making process does price play a significant role?
A) Evaluation of alternatives
B) Post-purchase behavior
C) Problem recognition
D) Purchase decision
- 3. What type of pricing strategy involves charging different prices to different consumer segments?
A) Dynamic Pricing
B) Value-based Pricing
C) Everyday Low Pricing
D) Price Discrimination
- 4. What is the term for pricing a main product low with the intention of selling add-ons at higher prices?
A) Competitive Pricing
B) Razor and Blades Pricing
C) Loss Leader Pricing
D) Penetration Pricing
- 5. What is the term for the price point that consumers use as a reference when making purchase decisions?
A) Promotional Price
B) Bait Price
C) List Price
D) Anchor Price
- 6. Which pricing strategy involves offering a product bundle at a lower price than if each item was purchased separately?
A) Dynamic Pricing
B) Bundling
C) Product Line Pricing
D) Price Lining
- 7. What is the term for pricing strategies that play on customers' perceptions and emotions to influence their buying decisions?
A) Value-based Pricing
B) Psychological Pricing
C) Dynamic Pricing
D) Transparent Pricing
- 8. Which pricing technique involves adjusting prices in real time based on changing market conditions, demand, and other factors?
A) Dynamic Pricing
B) Price Skimming
C) Everyday Low Pricing
D) Value-based Pricing
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