Economy pricing and Psychological pricing

Economy pricing and psychological pricing are two distinct pricing strategies used by businesses to influence consumer behavior. Here are the key differences between these two approaches:

1. Objective:

   • Economy Pricing: The primary objective of economy pricing is to offer products at the lowest possible cost to attract price-sensitive consumers. This strategy is often associated with cost leadership and aims to capture a large market share by offering competitive prices.
   • Psychological Pricing: Psychological pricing, on the other hand, focuses on influencing consumer perceptions and behavior through pricing. It involves setting prices that create a psychological impact on consumers, making them perceive the product as more valuable or affordable.
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