Pricing Menu Items ?

What important factors are taken into account when using the psychological pricing method that are not used in the competitors pricing method? Homework Help ANSWER TO THE ABOVE QUESTION Depends exactly what you mean, but there are a lot of psychological methods revolving around pricing. For example, focus groups have shown that with luxury foods, people are generally willing to pay more for something that's smaller in size, because they perceive it to be more luxurious and rich. Say a small boxed chocolate cake, a focus group said they'd be willing to spend