7. Topic 7(COLON) The Marketing Mix(COLON) Price
Lesson 7.5: The Psychology Of Pricing — Quiz
Test your understanding of lesson 7.5: the psychology of pricing with 5 practice questions.
Practice Questions
Question 1
What is the term for the price that customers have in mind when assessing the fairness of a purchase?
Question 2
What type of pricing strategy uses prices that end in an odd number to make products appear cheaper?
Question 3
Which pricing strategy sets a high price initially and then lowers it over time?
Question 4
What effect occurs when a customer's choice is influenced by the presence of a third, less attractive option?
Question 5
What is the term for a pricing strategy where a product is offered for free to gain customer attraction?