The psychological price is a statistical tool which mirrors the specificity of the marketing approach. It consists in calculating the price which is acceptable for the greatest number of consumers for a defined product or service.
The survey is an analysis of the consumer’s reaction to the price and helps the company to fix the price of a new product, judge whether the current price is too low or too high, and maximize the sales through a price which is considered acceptable by the majority.
This method has proved that there is a reference price for a certain category of products or services. It shows up the effects of thresholds as well as other effects such as round prices or psychological barriers.