Describe the psychological,legal, and ethical aspectsof pricing.

Q: Describe the psychological pricing techniques and give examples

A: Psychological pricing is a technique which is used by the companies to hit the subconscious mind of…

Q: What are the advantages and disadvantages of that pricing strategy Levels of Pricing?

A: Advantages :

Customary Pricing

There are various types of pricing strategies followed in the market. They are psychological pricing, odd pricing, free onboard pricing, customary pricing, prestige pricing, dual pricing, ruling pricing, negotiated pricing, mark up pricing, etc. each one can be explained as follows: 

Multiple Unit Pricing

“Multiple-unit pricing is a practice where a company offers consumers a lower than unit price if a specified number of units are purchased.”