The pricing technique used by most retailers is cost-plus pricing. This involves adding a markup amount (or percentage) to the retailers' cost. Another common technique is manufacturers suggested list pricing. This simply involves charging the amount suggested by the manufacturer and usually printed on the product by the manufacturer. In Western countries, retail prices can be referred to as psychological prices or odd prices: a little less than a round number, e.g. $6.95. In Chinese societies, prices are generally either a round number or sometimes some lucky number. This creates price points.
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