Psychological Pricing Research Paper

Psychological Pricing Research Paper-49
These odd prices actually give the illusion that you are paying drastically less than you actually are.

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Few retailers employ prices made up of digits that form a striking pattern.

Finally, the lower the price cut, the more likely the discount gets promoted in terms of percentages off.

If you felt there’s something at play here, you would be perfectly right!

Those one cent or one dollar “discounts” play a very special role in marketing.

Findings show that socio demographic factors like age, income, education, gender, lifestyle, family size, reference groups, social roles and status and the psychological patterns like representativeness, availability of products and the anchoring heuristics are key factors which influence consumers' buying behaviour.

Additionally, the consumers, who are more price cognisant are more probable to select nine-ending prices.Authors: Santosh Kumar; Mrinalini Pandey Addresses: Department of Management Studies, Indian School of Mines, Dhanbad, 826004 Jharkhand, India ' Department of Management Studies, Indian School of Mines, Dhanbad, 826004 Jharkhand, India Abstract: The recognition of consumers' behaviour is crucial for effective marketing plans.Evidences explain that the psychological pricing communicates meaning to consumers.By continuing to use this site, you consent to the use of cookies.We use cookies to offer you a better experience, personalize content, tailor advertising, provide social media features, and better understand the use of our services.Keywords: psychological pricing; nine-ending prices; consumer behaviour; strategy; influence; perception; odd-even prices; retail prices; consumer attitudes; consumer psychology; buying behaviour; age; income; education; gender; lifestyle; family size; reference groups; social roles; status; representativeness; product availability; anchoring heuristics.uses cookies to personalize content, tailor ads and improve the user experience. This empirical study concentrates on several aspects of price perceptions, especially on price endings, the first (non-zero) digit in a price, symbolic meanings, eye-catching sequences, and price cuts framed in percentage or euro terms and uses a descriptive design to determine the extent to which retailers of grocery, furniture, clothes, hardware, consumer electronics, and food apply these psychological pricing methods in Austria.Odd and even pricing are common practices for a wide range of prices.To learn more or modify/prevent the use of cookies, see our Cookie Policy and Privacy Policy.Have you ever been to a store and wondered why that batch of your favourite chocolate costs .99 or the nice sweater costs 8?


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