engleski

The impact of the psychological price on consumer's behavior

Turbulent market environment imposes new conditions of market behaviour. Hypercompetition directs the focus of enterprises towards the analysis of each individual consumer. In the mentioned environment, customer relationship management is the key feature of competitiveness. Therefore, enterprises focus not only on the research of a target group of customers, but also on the detailed analysis of competition and market conditions with the aim of determining appropriate prices of their own products or services. The mentioned factors influence price setting. Moreover, each numerical mark in the price has symbolic and visual importance, which should be thoroughly considered while setting the price. In addition to the following statement, enterprises use additional marketing tools for price setting. They also use the aspects of psychological price setting in order to make the price of a product or service more attractive to the consumer. Therefore, it is necessary to analyse the way in which the psychological price influences consumer behaviour and product or service purchase decisionmaking. The key hypothesis of this paper is: ‘Psychological price has a significant influence on consumer behaviour and on purchase decision-making. Research of the impact of the psychological price on consumer’s behaviour in practice was carried out with the aim of analysing the above mentioned issue on the market. The research was conducted via questionnaire on the sample of 100 participants. Through the offered questions, the participants showed how they perceive both the price and the importance of the price in product or service purchase decision- making process. The results of the carried out analysis show the importance of the impact of price on consumer’s purchase decision-making, as well as strong impact of the psychological price on guiding consumer decisions.

consumer’s behaviour, consumer’s decision, price, psychological price

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