The cost of a product or service set by an organization, to keep it durable, plays a critical role, and is very demanding and difficult for an enterprise to maintain itself in contemporary and threatening global markets. Therefore, the use of a pricing strategy to allow the company to improve revenue and profitability is extremely significant to manipulate consumers' attitudes and psyche; psychological pricing plays an imperative role. Prestige felt that it was costly to purchase an expensive and marketed product to improve or retain the prestige of its customers. The research aims to explain the application, which was historically only discussed as part of commercialization and consumer practices, of prestigious pricing and psychosocial pricing. This research helps to interpret, and investigate Prestigeâ€™s pricing and psychosocial pricing applications that were only discussed to date in the fields of marketing and consumer behavior.
Keywords: Prestige Pricing, Psychological Pricing, Lifestyle, Habit