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Originally Posted by Greenguy
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Off topic buy, WRT that link:
Years ago I had a shop selling cut price videos. My sales thing was "All videos £2.99". I once heard a customer say to her friend "That is cheap, they are £3 over the road." Idiot.
But when they say (in the article):
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MIT and the University of Chicago conducted an experiment with prices on women’s clothing. They had three basic prices, $34, $39, and $44. Surprisingly, the $39 item sold the best, even better than the cheaper price of $34.
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They are wrong in assuming that this is because the most popular price ends with a nine, it is what we call in marketing "The Goldilocks effect". Given three different prices, people mostly go for the middle priced item because subconsciously they feel they would be too cheapskate if they went for the lowest priced item, but too extravagant if the bought the most expensive item, so they usually go for the price in the middle.
2015-02-24, 02:00 PM
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