"For most purchases, consumers don’t have all the skill or information they need to figure out whether they are paying a good price. They don’t have the time, ability, or inclination to research different brands or stores, compare prices, and get the best deals. Instead, they may rely on certain cues that signal whether a price is high or low. Interestingly, such pricing cues are often provided by sellers, in the form of sales signs, price-matching guarantees, loss-leader pricing, and other helpful hints."-Kotler, Gary Armstrong and Philip. Marketing:
Pricing is a situation that is one to have most concern for. Pricing ultimately is what is going to make or break your product in my opinion. We want our price to be competitive with all of the other premium vodka’s on the market. We want to be in competition with brands like Grey Goose, Ciroc, Patron, and some of the other big brands. We want to price our brand at 39.99 for a liter bottle and 29.99 for a 750mL bottle. Our vodka will be 80 proof.
“Price is what you pay. Value is what you get.” -Warren Buffett
"Even small differences in price can signal product differences. Consider a stereo receiver priced at $300 compared to one priced at $299.99. The actual price difference is only 1 cent, but the psychological difference can be much greater. For example, some consumers will see the $299.99 as a price in the $200 range rather than the $300 range. The $299.99 will more likely be seen as a bargain price, whereas the $300 price suggests more quality. Some psychologists argue that each digit has symbolic and visual qualities that should be considered in pricing. Thus, 8 is round and even and creates a soothing effect, whereas 7 is angular and creates a jarring effect."-Kotler, Gary Armstrong and Philip. Marketing:
“Price is what you pay. Value is what you get.” -Warren Buffett
"Even small differences in price can signal product differences. Consider a stereo receiver priced at $300 compared to one priced at $299.99. The actual price difference is only 1 cent, but the psychological difference can be much greater. For example, some consumers will see the $299.99 as a price in the $200 range rather than the $300 range. The $299.99 will more likely be seen as a bargain price, whereas the $300 price suggests more quality. Some psychologists argue that each digit has symbolic and visual qualities that should be considered in pricing. Thus, 8 is round and even and creates a soothing effect, whereas 7 is angular and creates a jarring effect."-Kotler, Gary Armstrong and Philip. Marketing:
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