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Everest Pricing

 

DisciplinesMarketing > Pricing > Everest Pricing

Description | Example | Discussion | See also

 

Description

Price items with precise, unusual amounts. Do not use rounded numbers or numbers just below a round number.

When giving discounts, similarly do not give a percentage reduction, but an absolute, unusual amount. Make visible effort in calculating any discount.

Example

A home decor store does not price items at rounded points, instead explicitly using 'individual pricing' for each product. If challenged, they say this reflects the artisan skill and rarity of materials used.

A sales person, asked for a discount, types away on her calculator and says the most she can give is $34 off an item priced at $254.

Discussion

During the original surveying of mount Everest, the height was found to be exactly 27,000 feet. The surveyors realized that this round number could lead people to think this was an approximation rather than an accurate measurement, so they added 2 feet to make it seem more realistic.

In pricing, a round number (or any number close to a round number) can make customers suspect that the price has been rounded up or even made arbitrarily high. A non-rounded, arbitrary number seems more genuine and likely to include a lower profit margin.

Everest pricing uses unique number pricing, which is the opposite effect of the price rounding effect.

See also

Round Numbers, Price Rounding Effect, Unique Number Pricing

 

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