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A discounted price for a product or service or a high-value product or service at a good price relative to competitor prices. Bargains can often be an important part of consumer marketing. Non-financial factors, such as the concept of fairness, play an important role in bargain hunting and consumer satisfaction. Consumers often derive pleasure or satisfaction from the idea that they are paying a fair price rather than a highly reduced price. They can derive pleasure or satisfaction from getting a good deal or ‘fair’ price even when there was no major cost saving at stake. Price discounts are important in creating a sense of fairness: the percentage discount offered is an important factor in consumer satisfaction and sense of value. Even if the amount of money involved in a discount is relatively small, a higher percentage discount, 40% for example, leads people to infer that they are getting a fair price.

Subjects: Marketing.

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