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