Encouraging consumers to make a purchase

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Question: According to the working paper, 'Fake Discount Drive Real Revenue in Retail' by Donald Ngwe, the firm is practicing 'Fictious Pricing' approach which exhibits irrational behavior. Lacy's is motivating the 'deceptive pricing' marketing strategy where the retailer artificially inflates the 'original' price of item 'Men's Suit', only to immediately offer the item at a 'discounted' price. This irrational behavior is intended to make consumers believe they are getting a good deal, thus encouraging consumers to make a purchase.

Reference no: EM133695169

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