Pricing a product based on consumers' reference prices is referred to as pricing.
A) geographical
B) captive-product
C) psychological
D) allowance
E) by-product

Question

Quizplus · Accepted Answer

Psychological pricing involves setting prices based on the psychological impact on consumers, including their reference prices, which are the prices they expect to pay based on past experiences or perceptions.

Pricing a Product Based on Consumers' Reference Prices Is Referred