Saturday, February 4, 2012

Should You Use More Flat Price and Less “99cent”

US retailer, JC Penny, is on a mission to reinvent itself- new logo, new pricing strategy, and new campaign such as using the tagline, "Enough. Is. Enough." “Consumers throughout the spot scream when faced with sale signs, coupons and a mailbox overflowing with circulars and direct mail. A Facebook component includes a "No Meter" and consumers can work through "challenging" exercises to try to get a discount.”  JC Penny is hoping to capture the consumer's imagination on a monthly basis. By focusing on one month at a time, Mr. Francis said, JC Penney can highlight important consumer events, such as Valentine's Day, Super Bowl or the Academy Awards.

JCP will use a pricing strategy that completely eliminates the “50cent” or “99cent “. I wondered if small business owners should also consider this pricing tactic. In my opinion the 299.99 pricing still has a psychological influence on consumers willingness to buy compared to $300. Since JCP is not a luxury store, pricing without the .50cent or .99cent will hurt JCP. And for some reason they appear to be repositioning themselves directly against wal-mart.

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