In Response to Joe's Post...

Do you think Billboard Marketing should be a top choice for marketers to use?

I think billboard marketing should be a choice for marketers to use depending on the target market. People who see billboards are mostly driving on the highways, through major cities in cars. For the most part they are going to have middle to upper income levels since they will need to own a car, so it wouldn’t make sense for a company with a target market consisting of consumers with lower class incomes to use billboards for advertising their product or service. Also, if a company’s target market consists of younger children whom don’t have the ability to drive, then the company should probably consider using a different form of marketing that could actually reach their target market, rather than a Billboard that may not be seen by younger children. However, I think billboard marketing should definitely be a top choice for marketers to use if they know their target markets will see the billboards because it is very cost effective and efficient.

Can you think of a Billboard that you saw once that really caught your eye? What about the Billboard made it appealing to you?

Odd-Even Pricing...

Have you ever had more of a desire to buy a product priced at $19.99 rather than $20.00 thinking that you were getting a good deal? Or what about when deciding between two brands of the same product you bought the $20.00 one rather than the $19.99 one thinking the $20.00 one was of better quality? This is a popular psychological pricing method known as odd-even pricing based on the belief that certain prices are more appealing to buyers. This method involves setting a price in odd numbers, just under round even numbers, to make people think they are getting a better deal. Or if a company is looking to present an image of high quality for their product they may decide to price the product at even levels, which is also known as prestige pricing. Prestige pricing is another psychological pricing method that involves setting a higher price to ensure higher quality compared to a lower priced product. An example of this would be a pair of Ray Ban sunglasses is usually priced around $150.00 as opposed to a cheaper pair that one may find at Walmart priced at $9.99. Ray Ban prices their sunglasses at a higher price ending in even numbers to promote high quality and Walmart prices the sunglasses at $9.99 to promote a bargain.

Can you think of a product you recently bought because it was priced in odd numbers? When buying it did you think the price was lower than it really was?