Anchor Pricing
A pricing strategy where a high-priced option is introduced first to set a reference point, making other options seem more attractive in comparison.
5 topics found for
“value comparison”
Cost-Benefit
An analysis comparing the costs and benefits of a decision or project to determine its feasibility and value.
Decoy Pricing
A strategy where an additional, less attractive option is introduced to make other pricing options look more appealing, often steering customers towards a particular choice.
Relativity
A principle often used in behavioral economics that suggests people evaluate options based on relative comparisons rather than absolute values.
Social Proof
A psychological phenomenon where people follow the actions of others in an attempt to reflect correct behavior for a given situation.