Human perception and brain works on comparison. When we are given a set of information, everything after are defined around that information.
When Nike has a premium collaborative shoe with an NBA star and they discount it 100$ to 199$, you are excited to get them. On the other hand there are many shoes in the same store you would think 100$ is a high price.
This is a great anchoring example.
Not just pricing though, anchoring is huge all over our lives. Think of a deadline you are given, from that point on all your plan evolves around that deadline. You get more intense as the anchor date comes closer. Then the deadline stretches a few days, you suddenly feel relaxed or lucky. All of the actions and emotions are defined by the first date.
While creating products we generally have a goal for content size or preset size, everybody focuses on that throughout the process. When we pass the anchor, everybody celebrates and when we are far from it, there is pressure to proceed which is necessary.
You can use anchoring internally to motivate yourself, with your employees or while telling a story, to set the level, to design the final emotion. You can use while negotiating anything, when you set a higher anchor than it becomes easier to make the deal seal.