The Psychology of Pricing in Consumer Behavior - Quiz
- 1. Which pricing strategy involves setting a high price to indicate high quality and exclusivity?
A) Premium Pricing
B) Skimming Pricing
C) Competitive Pricing
D) Psychological Pricing
- 2. At which stage of the consumer decision-making process does price play a significant role?
A) Problem recognition
B) Purchase decision
C) Evaluation of alternatives
D) Post-purchase behavior
- 3. What type of pricing strategy involves charging different prices to different consumer segments?
A) Value-based Pricing
B) Price Discrimination
C) Dynamic Pricing
D) Everyday Low Pricing
- 4. What is the term for the price point that consumers use as a reference when making purchase decisions?
A) Anchor Price
B) Bait 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) Penetration Pricing
B) Loss Leader Pricing
C) Competitive Pricing
D) Razor and Blades Pricing
- 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) Price Lining
D) Product Line Pricing
- 7. What is the term for pricing strategies that play on customers' perceptions and emotions to influence their buying decisions?
A) Transparent Pricing
B) Dynamic Pricing
C) Value-based Pricing
D) Psychological 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) Everyday Low Pricing
C) Price Skimming
D) Dynamic Pricing
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