Styles department stores located on one end of a shopping mall and taylor store is located on the other side of the mall both stores have the same black leather jacket on sale styles department store has press the jacket at $149.90 in the same jacket is priced at $150 a taylor stats even though there is only a two cent different styles department has sold 30% more jackets and taylor sweat what type of pricing strategy styles department store using?
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The charm pricing strategy often leads to increase in the sales even though there is no big difference in the pricing of the same product at two different stores.
What is pricing strategy?
A strategy that determines the pricing of the goods or services being offered for sale to attract more customers and drive the sales of an organization is known as a pricing strategy.
Charm pricing is such kind of strategy, where the pricing of the product is kept nearest to the closest number, which creates a psychological attraction in the minds of the consumer that he is paying less for such product.
Thus, in the above case, the price of jacket at $149.90 drives more sales than when it is kept as $150 due to the charm pricing strategy.
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