What to Consider?

Need to change your pricing strategy? That's a pretty big deal and a decision not to be taken lightly. The best way to avoid having a heart attack whilst you ponder this knotty issue is to break down (not literally) all the things you need to consider into smaller "compartments" and resolve each issue separately before you come to a final decision on your optimum pricing strategy and how you are going to achieve it.

Psychological pricing is a universal technique that you can apply to virtually any other broad pricing strategy. The general idea behind the concept of psychological pricing is to play on the mental tendencies of consumers, establishing a price that they perceive as better value.