The CEO decided that clients were smart intelligent people and treated people as adults. Aka, no discounts, no 99 pricing, it just costs what it costs, as low as we can make it, plus our margin.
JC Penny was already not too well, this helped sink them
It was less about the .99 pricing and more about “Sale” pricing and ‘coupons’. Retailers will put a pair of pants on “Sale” for 50% off 51 weeks out of the year and people think they’re getting a great deal whereas when it’s not half off, they just don’t buy.
The science is about how you initially react to the number. Your brain will see $19, and immediately you’ll think it’s $19. Only upon further inspection and processing through your cognition, you recognise that its $19.99, which is basically $20.
It’s that initial reaction they want, to grab your attention. Anyone who is going through life without leveraging their higher thinking will fall for this shit. Anyone who thinks, at all, won’t.
Unfortunately, there’s a nontrivial number of people who fall into that first category. People who were never taught to think. They just do.
But it IS how we see prices. If there weren’t science behind it, they wouldn’t be doing it.
A lot of marketing strategies are pseudoscience. Just like a lot police investigation practices or body language assumptions.
JC Penny kinda showed that no. It isn’t pseudocience
What’s the story about JC Penny?
The CEO decided that clients were smart intelligent people and treated people as adults. Aka, no discounts, no 99 pricing, it just costs what it costs, as low as we can make it, plus our margin.
JC Penny was already not too well, this helped sink them
It was less about the .99 pricing and more about “Sale” pricing and ‘coupons’. Retailers will put a pair of pants on “Sale” for 50% off 51 weeks out of the year and people think they’re getting a great deal whereas when it’s not half off, they just don’t buy.
Poor guy. Tried to do some good in the world and paid the price for it. Nobody ever went broke overestimating the stupidity of the average person.
Some marketing strategies are pseudoscience, but this one isn’t.
Does anyone in the thread have actual info to back this up?
This doesn’t meet the bar you want, but my marketing professor called the .99 idea the single greatest thing to come out of marketing in a century.
You should be able to find various tests and studies of this phenomenon on Google
So, it’s a “no” than?
It’s a yes but find it yourself
The science is about how you initially react to the number. Your brain will see $19, and immediately you’ll think it’s $19. Only upon further inspection and processing through your cognition, you recognise that its $19.99, which is basically $20.
It’s that initial reaction they want, to grab your attention. Anyone who is going through life without leveraging their higher thinking will fall for this shit. Anyone who thinks, at all, won’t.
Unfortunately, there’s a nontrivial number of people who fall into that first category. People who were never taught to think. They just do.
dowsing for suckadrippas