Grouping product prices into ranges such as low-, medium-, and high-priced items is known as which of the following?

A) prestige pricing
B) odd pricing
C) reference pricing
D) price lining

Price Lining

A pricing strategy where products are sold at a limited number of price points, each representing a different level of quality or features.

Prestige Pricing

A pricing strategy where prices are set higher than normal because the product or service is perceived to be more prestigious or luxurious.

Odd Pricing

A pricing strategy where goods are priced slightly below a round number, such as $1.99 instead of $2.00, to make the price seem lower to consumers.