Which psychological pricing strategy did Apple use when launching iTunes in 2003 that revolutionized digital music sales?

The music industry employs fascinating psychological pricing strategies to influence consumer purchasing decisions. From vinyl records making a comeback at premium prices to streaming services with their tiered subscription models, pricing psychology plays a crucial role in how music products are marketed and sold. Test your knowledge about how famous music retailers and platforms have leveraged pricing psychology to boost sales and brand perception.

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• The 99-cent price point for individual songs, making purchases feel like 'less than a dollar'
• The decoy effect with three-tiered pricing for albums, making the middle option seem most attractive
• Bundle pricing of $9.99 for all new albums, regardless of track count or artist popularity
• Prestige pricing of $1.49 per song to create perception of superior audio quality compared to competitors

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