Definition : Behavioral pricing

Behavioral pricing is a marketing strategy that involves using psychological and behavioral principles to determine the most effective pricing for a product or service. This approach takes into account consumer behavior, such as their perception of value, decision-making processes, and emotional responses, to set prices that are more likely to result in a purchase. By understanding how consumers think and behave, companies can use behavioral pricing to influence their buying decisions and ultimately increase sales. This method goes beyond traditional pricing strategies and focuses on the psychology behind consumer behavior, making it a powerful tool for businesses looking to optimize their pricing strategies.

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