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.
“Why would I pay $25 for these pair of pants at full price when I could pay $24.99 for those [identical] pants that are half off?! Clearly, that’s the better deal!”
Hell, could probably even make it $29.99 for the identical pants and people will still go with that because they think they’re paying five more bucks and getting a $60 pair of pants
Marketing hasn’t done anything positive for humanity. It is all just to manipulate people into buying shit they don’t need. It is the main driver for the overconsumption.
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.
“Why would I pay $25 for these pair of pants at full price when I could pay $24.99 for those [identical] pants that are half off?! Clearly, that’s the better deal!”
Hell, could probably even make it $29.99 for the identical pants and people will still go with that because they think they’re paying five more bucks and getting a $60 pair of pants
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.
Sounds about right.
Marketing hasn’t done anything positive for humanity. It is all just to manipulate people into buying shit they don’t need. It is the main driver for the overconsumption.
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