The Left-Digit Effect: Not All Pennies are Created Equal
by Andrew Hui & Marcos Sanches
"Should I offer my product at $3.49 or $3.50?" This was a question posed by a client who was struggling to control the expensiveness perception of her brand. Research had consistently shown that consumers had rated this client’s brand as the most expensive in the marketplace and had identified this expensiveness as a significant purchase barrier. The client needed to increase prices and wanted to understand whether to offer the price at $3.49 or $3.50.
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