sabella and Madeline went to buy a new denim skirt. Madeline bought hers at JCrew and paid $69. Isabella bought a similar one at Target and paid $34.95. Madeline is convinced her skirt is better than Isabella’s because it is more expensive. Identify the psychological factor because of which Madeline buys a high-priced item.
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The use of odd pricing which made her feel like she got more for her money |
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The use of prestige pricing which means the high price was used to signal high quality |
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The use of bundle pricing which stresses both value and convenience to Madeline and validates the high price of the shirt |
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The use of price elasticity which determines Madeline’s and Isabella’s price sensitivity |
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