What is a psychological pricing strategy?Select one:a.Setting prices based on cost-plus pricingb.Setting prices to create the perception of a lower price or higher valuec.Setting prices based on competitors' pricesd.Setting prices based on customers' perceived value of the productClear my choice
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A psychological pricing strategy is a pricing approach that aims to create a certain perception of price or value in the minds of customers. It involves setting prices in a way that influences customers' buying behavior and decision-making processes. This strategy is often used to make customers perceive a lower price or higher value for a product. It is not based on the cost of production or competitors' prices, but rather on the customers' perceived value of the product.
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