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CONSUMER PRICING PSYCHOLOGY
For understanding the pricing psychology of consumer we first know and understand the meaning of consumer?
Who is our consumer?
Here consumer is the term who is our target potential who is somehow our main motives to achieve the success and to create a situation and environment of profitability. Our market always depend on the consumer on the basis of their purchase because we have designed the product for our consumer and for their uses and benefits, for their better demand and advantage, for their success, for their values as per our experience but in this world of today, there is nothing call one side help or one side work. Today everything happens dual sided and also everything happens for both the advantage. No people work for any one so there is also a benefit associated with the seller so they get their profits and margins to achieve the greater profits and goals of the business.
Now the question comes about pricing which are associated with the consumer when we say about the product? Because product comes where consumer’s needs come and pricing strategy comes where product comes so these all are attached to each other. So pricing strategy is most important and pricing strategy depends upon well established practices of management where they set the best prices thinking about the views and ideas of the customer from their research from various tools and techniques and many more activities.
What is known as the consumer pricing psychology?
Purchase price always depends on the buyer because the buyer thinks about the actual and the correct price as well the buyer is aware of the pricing techniques. Consumer pricing psychology depends upon the needs and wants of the consumer as per their experiences in the market from their friends and relatives and many more, consumers decide the price exactly what it should be accurately as it suits their needs as well the product as compare to the product features and its quality. Consumer always decides the price as per his knowledge and information about the product or a market. Consumer doesn’t rely upon the price what the seller tells him and he thinks about the price of his suitability.
For example if the consumer is looking for the purchase of watches and he has basically faith on two brands that is Titan and Swatch but he wants to first visit both the showroom for knowing all the features, design, quality, performance, speed, maintenance, delivery, services, behavior of the employee’s so he liked the most with Swatch which he will prefer the most. He has most likings associated with Swatch rather than Titan in terms of looks, styles and everything. And the pricing strategy will be based upon the likings the perception the awareness the management behavior the exact scenario and many more.
Consumers think about the price what it should be rather than going for the price what the seller is asking him to pay. The right price strategy the better prices and the form of how when what where form of pricing is needed and important. There are different types of customers that exist in this market and they are based on the market opportunities. There are customers who give preference to quality, features, design, price, looks, quantity, materials used, colors, packaging and many more. The customers who thinks for these strategy also looks for the pricing and other features of the product and also its features.
Pricing is one of the four main components of marketing. It is the relationship between consumer and marketing. The term psychology refers to how people co-ordinate their product in their daily life for better living and sustaining.
There are few customers who think that if they will purchase the product for features and not for the purpose of quality then they will definitely go for the pricing part because their perception will talk about the product uses and its benefits not for the product lasting and its quality. They only purchase for the sake of purchase and also want for only the use of the product. They do the purchase not for the best quality and for them pricing matters but more than quality. For them quality does not matters more than pricing. But there are few customers who think about the purchase for the sake of quality and for better uses and benefits. They don’t think for the purchase for the use of just purchasing but they think about its long lasting quality and about its long lasting uses and benefits. They do the purchase for the best quality and for them pricing matters but not more than quality. For them quality matters more than pricing.
Thus it depends on the consumer how they react as per the product and the nature of the consumer.
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