How do consumers process and evaluate prices
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How do consumers process and evaluate prices
- 1. Price processing and evaluation by consumers
- 5. IT CONSISTS OF: • PRICE PAID FOR SOME GOODS OR SERVICES. • RENTS • FARES • WAGES • COMMISSIONS ADJUSTED BY: • REBATES • DEALER INCENTIVES
- 6. EXAMPLE: JET AIRWAYS ALLOWS CUSTOMER TO PAY THROUGH: • FLIER PROGRAMS • COMBINATION OF CASH
- 8. CHANGING PRICING ENVIRONMENT MARKET IN SOUTH-ASIA AFFLUENT CUSTOMER STRUGGLERS ASPIRING CUSTOMER
- 9. GET INSTANT PRICE COMPARISONS FROM THOUSAND OF VENDORS INTERNET:BUYERS DISCRIMINATE SELLERS
- 10. NAME THEIR PRICE AND HAVE IT MET INTERNET:BUYERS DISCRIMINATE SELLERS
- 11. GET PRODUCTS FREE INTERNET:BUYERS DISCRIMINATE SELLERS
- 12. INTERNET:BUYERS DISCRIMINATE SELLERS GAVE PDF READER FREE FREEMIUM STRATEGY GET PRODUCTS FREE
- 13. INTERNET:BUYERS DISCRIMINATE SELLERS 1.SEATS FREE 2.PAY EXTRA FOR EVERYTHING ELSE
- 14. INTERNET:SELLERS DISCRIMINATE BUYERS MONITOR CUSTOMER BEHAVIOUR AND TAILOR OFFER TO INDIVIDUALS
- 15. INTERNET:SELLERS DISCRIMINATE BUYERS GIVE CERTAIN CUSTOMERS ACCESS TO SPECIAL PRICES
- 16. INTERNET: BOTH BUYERS AND SELLERS DISCRIMINATE EACH OTHER NEGOTIATE PRICES IN ONLINE AUCTIONS AND EXCHANGES OR EVEN IN PERSON
- 17. CONSUMER PSYCHOLOGY AND PRICING •PRICE TAKERS •ACCEPTS PRICES AT FACE VALUE
- 18. CONSUMERS PROCESSES PRICES BY: •PRIOR PURCHASING EXPERIENCE. •FORMAL COMMUNICATIONS THROUGH ADS, SALES CALLS , BROCHURES. •INFORMAL COMMUNICATIONS THROUGH FRIENDS COLLEAGUES. •POINT OF PURCHASE OR ONLINE RESOURCES.
- 19. SAME PRODUCT : DIFFERENT PRICES PREMIUM BRANDS:HIGHER PRICE NORMAL BRAND:LOWER PRICE MID-SEGMENT BRAND:MEDIUM PRICE
- 20. CONSUMERS ARRIVAL AT THEIR PERCEPTIONS OF PRICE 1.REFERENCE PRICES : COMPARE PRICES •FAIR PRICE •TYPICAL PRICE •UPPER/LOWER BOUND PRICE •EXPECTED FUTURE PRICE
- 21. 2.PRICE QUALITY INFERENCES •INDICATOR OF QUALITY •SIGNAL OF QUALITY CONSUMERS ARRIVAL AT THEIR PERCEPTIONS OF PRICE
- 22. 3.PRICE ENDINGS •999 BETTER THAN 1000 •PRICES ENDING WITH 0 & 5 ARE POPULAR •LIMITED STOCK CONSUMERS ARRIVAL AT THEIR PERCEPTIONS OF PRICE
- 23. EXAMPLE: TATA DOCOMO TATA CDMA ALLIED WITH NTT DOCOMO TO CAPTURE THE MARKET SHARE
- 24. PER SECOND PLAN INCENTIVES PROVIDED BY TATA DOCOMO
- 25. INCENTIVES PROVIDED BY TATA DOCOMO UNLIMITED GPRS
- 26. UNLIMITED FACEBOOK AND WHATS APP INCENTIVES PROVIDED BY TATA DOCOMO
- 27. PER CHARACTER CHARGING SCHEME FOR TEXT MESSAGES INCENTIVES PROVIDED BY TATA DOCOMO
- 28. SUMMARY •CONSUMERS’ PROCESSING AND REACTION ON PRICE CHANGE MAJORLY DEPENDS ON THEIR MARKET SEGMENT. •INTERNET HAS CHANGED THE VIEWS AND DOMAINS OF CONSUMERS BY PROVIDING INFORMATION AND COMPARISON BETWEEN THOUSANDS OF FIRMS. •MARKETERS SHOULD CHANGE THE STATED PRICE BY KEEPING IN MIND CONSUMER PSYCHOLOGY , UPPER- LOWER THRESHOLD , PRODUCT QUALITY AND PERCEIVED PRICE.
- 30. AKASH RANJAN PRADHAN NIT ROURKELA DURING A MARKETING INTERNSHIP BY PROF.SAMEER MATHUR IIM LUCKNOW WWW.IIMINTERNSHIP.COM CREATED BY