Which pricing strategy did luxury champagne brand Veuve Clicquot successfully implement in the 1990s that counterintuitively increased their sales volume?

Pricing strategies can dramatically impact how consumers perceive product quality and value. In luxury markets, this relationship becomes even more complex, with psychological pricing tactics playing a crucial role in brand positioning. This trivia question explores a famous pricing experiment that changed how marketers understand consumer behavior in premium markets.

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They raised prices by 20% while competitors lowered theirs, creating a perceived quality gap that attracted status-conscious consumers
They introduced tiered pricing with a deliberately overpriced 'decoy' option that made their standard offering appear more reasonable
They implemented dynamic pricing that fluctuated based on real-time demand, creating a sense of exclusivity during peak periods
They introduced a subscription model with guaranteed price locks, providing predictability during a period of market volatility