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Psychological pricing (also price ending or charm pricing) is a pricing and marketing strategy based on the theory that certain prices have a psychological impact. In this pricing method, retail prices are often expressed as just-below numbers: numbers that are just a little less than a round number, e.g. $19.99 or £2.98. [ 1 ]
Endowment effect. In psychology and behavioral economics, the endowment effect, also known as divestiture aversion, is the finding that people are more likely to retain an object they own than acquire that same object when they do not own it. [1][2][3][4] The endowment theory can be defined as "an application of prospect theory positing that ...
Consumer behaviour is the study of individuals, groups, or organisations and all the activities associated with the purchase, use and disposal of goods and services. Consumer behaviour consists of how the consumer 's emotions, attitudes, and preferences affect buying behaviour. Consumer behaviour emerged in the 1940–1950s as a distinct sub ...
Perception management is a term originated by the US military. [citation needed] The US Department of Defense (DOD) gives this definition: Actions to convey and/or deny selected information and indicators to foreign audiences to influence their emotions, motives, and objective reasoning as well as to intelligence systems and leaders at all levels to influence official estimates, ultimately ...
Halo effect. The halo effect (sometimes called the halo error) is the proclivity for positive impressions of a person, company, country, brand, or product in one area to positively influence one's opinion or feelings. [1][2] The halo effect is "the name given to the phenomenon whereby evaluators tend to be influenced by their previous judgments ...
Perceived organizational support. Perceived organizational support (POS) is the degree to which employees believe that their organization values their contributions and cares about their well-being and fulfills socioemotional needs. [1][2] POS is generally thought to be the organization's contribution to a positive reciprocity dynamic with ...
A psychological contract, a concept developed in contemporary research by organizational scholar Denise Rousseau, [1] represents the mutual beliefs, perceptions, and informal obligations between an employer and an employee. It sets the dynamics for the relationship and defines the detailed practicality of the work to be done.
e. Behavioral economics is the study of the psychological, cognitive, emotional, cultural and social factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by classical economic theory. [1][2] Behavioral economics is primarily concerned with the bounds of rationality of economic agents.