Odd Price: The Psychological Strategy Towards Consumers In Marketing

Definition of Odd Price

Odd Price is defined as a pricing strategy or technique as per which certain kinds of prices have a psychological impact on consumers. Most consumers tend to think that Odd Prices are significantly lower than they are in reality, tending to round off to the next lowest monetary unit. This strategy shows marketers that many consumers can be influenced for buying their products or availing their services as all consumers do not think rationally.

Odd Price alias Charm Price or Psychological Price is one reason behind the Price Points concept in marketing.

Textbooks on Odd Price

Odd Price is an attractive topic and hence an intelligent strategic technique that marketers can utilize to give a kick-start to their product or service sales. Marketers can refer to these details of certain textbooks that can give them a thorough idea about Odd Price as follows:

• Business by William Pride, Robert Hughes and Jack Kapoor (Published by Cengage Learning – Year 2009).
• Contemporary Business 2010 Update by Louis E. Boone and David L. Kurtz (Published by John Wiley & Sons – Year 2009).

Examples of Odd Price

Example 1: An interesting example of Odd Price can be clearly seen when numerous FMCG Companies try to sell their products like Jewelry, Grocery Items, Detergents or Clothing wears at prices that are less than the complete round figure. The price figure will be like $19.99 or £ 3.98 rather than $20.00 or £ 4.00 on the price tag of the products.

Example 2: Another interesting example of Odd Price can be reflected through advertisements of various automobile companies on television. Such companies display ad commercials in which the price of a particular two-wheeler or four-wheeler will be a number followed by three nines rather than the next round figure. This is done to influence potential customers psychologically and attract them towards their brand.

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