Lesson
MODULE 1
Completion requirements
In this module you will learn about:
- Lesson 1.1: What is Psychological Pricing?
- Lesson 1.2: The Importance of Psychological Pricing
- Lesson 1.3: How Pricing Shapes Consumer Perception
- Lesson 1.4: Case Studies of Successful Psychological Pricing
Lesson 1.3: How Pricing Shapes Consumer Perception
🔹 Psychology Behind Pricing Decisions
-
Customers rely on emotions, not just logic when choosing products.
-
A higher price can indicate better quality.
📌 Case Study: MIT Experiment
-
Two groups bought an energy drink at different prices: RM5.00 vs. RM2.00.
-
Customers who paid RM5.00 believed the drink was more effective, even though both were the same.
🔎 Real-Life Examples:
-
Luxury Brands (Rolex, Louis Vuitton): Price creates exclusivity.
-
Fast Food Bundles (McDonald's, KFC): Combo meals feel like a better deal, even if they cost more overall.