Question

Which pricing tactic calls for offering three similar products, one that is lower priced and less attractive and two that are comparable but more expensive

Answer 1

Decoy pricing tactic calls for offering three similar products, one that is lower priced and less attractive and two that are comparable but more expensive.

What is decoy pricing?

A price strategy called decoy pricing aims to "push" customers to make a decision. Customers sometimes have to choose between products with varying costs and features while making purchases. And when a business seeks to increase sales of a certain product, it frequently chooses what is known as a decoy pricing structure to sway the consumer's choice. In this instance, the "decoy" is either a product with a slightly cheaper price but much worse quality, or a product with a significantly higher price but slightly greater quality.

The attraction effect and the compromise effect are the two distinct effects on which the decoy pricing strategy is predicated.

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