Answer to Question 1
B
Answer to Question 2
The seven types of psychological pricing are odd-even pricing, multiple-unit pricing, reference pricing, bundle pricing, everyday low prices (EDLP), customary pricing, and prestige pricing. Odd-even pricing is the setting of prices using odd numbers that are slightly below whole-dollar amounts. Odd-even prices increase sales because consumers register the dollar amount, not the cents. Multiple-unit pricing involves setting a single price for two or more units of a product, especially for frequently-purchased products. This strategy increases sales by encouraging consumers to purchase multiple units when they might otherwise have only purchased one. Reference pricing means pricing a product at a moderate level and positioning it next to a more expensive model or brand in the hope that a customer will use the higher price as a reference point. Bundle pricing is the packaging together of two or more products, usually of a complementary nature, to be sold for a single price that is usually less than the sum of prices of the individual products. When everyday low prices are used, a marketer sets a low price for its products on a consistent basis, rather than setting higher prices and frequently discounting them. In customary pricing, certain goods are priced on the basis of tradition. With prestige pricing, prices are set at an artificially-high level to convey a quality image. Prestige pricing is used especially when buyers associate a higher price with higher quality.
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