Full Article: PDF
Scientific Object Identifier: http://s-o-i.org/1.1/TAS-03-119-18
DOI: https://dx.doi.org/10.15863/TAS.2023.03.119.18
Language: English
Citation: Alania, M., & Grigolaia, N. (2023). Consumer Psychology and Pricing. ISJ Theoretical & Applied Science, 03 (119), 89-92. Soi: http://s-o-i.org/1.1/TAS-03-119-18 Doi: https://dx.doi.org/10.15863/TAS.2023.03.119.18 |
Pages: 89-92
Published: 30.03.2023
Abstract: Pricing policy involves determining the threshold price of goods, as well as positioning them within the selected price category. Companies are trying to adapt their prices to different customers and changing situations. From this point of view, psychological pricing, or the strategy of creating a psychological effect, is of particular interest in pricing policy. Psychological pricing policy involves the use of psychological methods in determining product prices, as well as price adjustments based on the analysis of consumer behavior. Determining the characteristics of consumer price perception is an important marketing priority. There are three main aspects here: comparative prices, the relationship between price and quality, and end of prices. Psychological pricing refers to methods that sellers use to encourage consumers to react emotionally, rather than logically or practically. Its goal is to increase demand, creating the illusion of greater benefits for the consumer. Although the difference is insignificant, the effect of this trend is due to the fact that consumers pay more attention to the first number than the last.
Key words: Price, pricing policy, pricing, psychological pricing, discount.
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