prestige pricing

Related to prestige pricing: Psychological pricing, reference pricing, Odd pricing

prestige pricing

n
(Marketing) marketing the practice of giving a product a high price to convey the idea that it must be of high quality or status
References in periodicals archive ?
In this sense, there is a variety of psychological prices, among which we encounter: reference pricing, prices for grouped products, everyday low prices, "magical" prices, customary pricing, prestige pricing.
* Prestige pricing In this case, the prices have a high level in an artificial way in order to gain prestige or to create an image of quality.
And if you're a private label manufacturer, and are brave enough to try and make the costs of shipping across the Atlantic work with prestige pricing, then it's probably worth a private label pitch, too.
Tiffany uses prestige pricing, which helps to reinforce its exceptional quality image.
Prestige pricing is setting a rather high price to suggest high quality or high status.
The term "prestige pricing" in a marketing text usually indicates a "demand" function that has a positive slope through a portion of its range.
Fashion goods are distinguished from other goods for which "prestige pricing" is recommended by marketers such as pharmaceuticals and imported beers.
In Canada, perfume manufacturers long ago gave up the pretense of prestige pricing and now sell direct to mass outlets, launching new perfumes whenever an old one loses its appeal.
With a little "buzz," this approach should do well because of the fresh approach, relaxed atmosphere, no feeling of "hard sell" or typical counters, and the opportunity to play or to touch up to your makeup, along with the low side of prestige pricing.