I recently noticed an interesting pricing strategy followed by Coca Cola: at my local One Stop grocery store, a 2 litre bottle costs £1.99. But if you buy two bottles, together they cost just £2.50. The second bottle cost 51p - a quarter of the first one!
Needless to say, I bought two. Who wouldn't? 51p for two litres of coke is a great deal! How do we know it's a great deal? Because it would usually cost £1.99!
Very, very clever pricing strategy. (Charging £1.25 per bottle, regardless of quantity, would probably result if far fewer sales.)
They increase sales by anchoring our view of the innate value of a bottle of coke high (£1.99) before smashing it with a 51p deal - of course it's a great deal! (And the great deal feeling will probably increase the likelihood of buying coke again.) Additionally, I knew I only needed one bottle, but I felt that after investing £1.99 I might as well reap the rewards and put in another 51p. (The sunk cost fallacy).
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