Psychological Pricing:A pricing strategy that considers the psychological impact on consumers and not simply the economics; it aims to encourage purchases based on emotional rather than rational responses.
Price Perception: The customer's view of and response to the price of a product or service, which can significantly influence their decision-making process and perceived value.
Market Penetration Pricing: A strategy used to attract customers to a new product or service by offering a lower price initially compared to competitors, aiming for quick market share growth