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Describe a strategy in which a retailer can obtain higher prices for a good that they...

Describe a strategy in which a retailer can obtain higher prices for a good that they are selling using the anchoring effect. How can the anchoring effect/this strategy be used on EBAY?

Social-Sciences   psychology   
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While doing shopping, some people will buy certain products by relying only on one trait or characteristics of that product. This tendency is known as anchoring effect. It is one of the most important phenomena of cognitive psychology. Anchoring has both positive and negative effects. On the positive side , it makes easier for you to market the products and services of your company. On the other side , if it doesn't works it makes very much difficulty to sell your services. Anchoring can effect your perceptions and decides how much value you give to certain product.

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