How do consumers process and evaluate prices?
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The document discusses how consumers evaluate and perceive prices. It outlines that consumers interpret prices based on prior purchasing experience, advertisements, communication with others, and online resources. An example is given about blue denim jeans being priced differently based on brand from $5 for street brands to $10,000 for high-end brands. The key factors that influence consumers' price perceptions are reference prices, using price as an indicator of quality, and prices ending in odd numbers.
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How do consumers process and evaluate prices
Consumers process prices based on reference prices from prior experiences, communications, and other factors. They have lower and upper price thresholds for quality. Understanding how consumers perceive prices is important for marketing. There are three key factors: reference prices that consumers compare a given price to, such as typical or last prices; price-quality inferences where higher prices are associated with better quality; and price endings, as odd numbers and round numbers like 0 or 5 are easier for consumers to process and may influence perceptions of whether a price seems high or low.
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Based on Chapter 13 of Marketing Management: A South Asian Perspective by Koller, Ketler, Koshy and Jha.
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This presentation has been prepared for the students of MBA or any other departments. It includes all the details regarding consumer psychology and pricing. Certain points have been taken from the book of marketing management- Philip Kotler
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Consumer associations play an important role in product evaluation by carrying out tests on behalf of consumers to determine if products meet quality standards. They compare similar products in a market and recommend those that offer the best value. The media also contributes by featuring consumer and lifestyle programs that report on new products. Education contributes through curriculum that teaches design principles so consumers can better evaluate products. Consumer associations set guidelines for products and handle complaints to provide recourse if standards are not met. They publish results so consumers have data to inform their purchasing decisions.
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The document discusses factors that affect pricing decisions and strategies companies use. It notes that companies should consider consumer psychology and perception of value, not just economics, when setting prices. Price serves as a quality signal when customers cannot judge quality directly. The document also outlines different pricing objectives, methods for determining base prices, and strategies for pricing, promotions, and product variations.
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Option 3 is the most feasible choice for the company. A qualitative analysis showed that Option 3 leverages strong relationships with natural food retailers and positions the company in the fast-growing natural foods channel. It also maintains the company's competitive advantage and avoids potential conflicts with retailers. A financial analysis also supported Option 3. Expanding only through natural food stores protects the brand image with health-conscious customers and avoids compromising quality for lower supermarket prices.
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This document discusses several models of consumer behavior:
1) The Nicosia Model which shows the relationship between a firm's attributes, a consumer's attributes, and the consumer's decision making process.
2) The Howard-Sheth Model which views consumer behavior as a rational problem solving process influenced by stimuli and resulting in actions. It identifies inputs, constructs, and outputs in the consumer's decision process.
3) The Engel-Kollat-Blackwell Model which is a highly comprehensive, multi-stage model that treats the individual as a system and recognizes intervening variables between initial inputs and final outputs. It takes into account psychological and environmental factors.
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How do consumers process and evaluate prices
Consumers process prices based on reference prices from prior experiences, communications, and other factors. They have lower and upper price thresholds for quality. Understanding how consumers perceive prices is important for marketing. There are three key factors: reference prices that consumers compare a given price to, such as typical or last prices; price-quality inferences where higher prices are associated with better quality; and price endings, as odd numbers and round numbers like 0 or 5 are easier for consumers to process and may influence perceptions of whether a price seems high or low.
1. How do consumers process and evaluate prices? (Chapter 13) (Anurag Kar)
Based on Chapter 13 of Marketing Management: A South Asian Perspective by Koller, Ketler, Koshy and Jha.
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This presentation has been prepared for the students of MBA or any other departments. It includes all the details regarding consumer psychology and pricing. Certain points have been taken from the book of marketing management- Philip Kotler
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Consumer associations play an important role in product evaluation by carrying out tests on behalf of consumers to determine if products meet quality standards. They compare similar products in a market and recommend those that offer the best value. The media also contributes by featuring consumer and lifestyle programs that report on new products. Education contributes through curriculum that teaches design principles so consumers can better evaluate products. Consumer associations set guidelines for products and handle complaints to provide recourse if standards are not met. They publish results so consumers have data to inform their purchasing decisions.
Consumer audit
The consumer behavior audit is a fundamental part of the marketing planning process that is conducted at the beginning and during implementation. It considers internal influences like the marketing team and external influences on consumers. The audit clarifies opportunities and threats and allows adjustments to the marketing plan. It reviews the internal marketing environment like the marketing team, external environment like competition and customers, and the current marketing plan and its objectives.
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The document discusses factors that affect pricing decisions and strategies companies use. It notes that companies should consider consumer psychology and perception of value, not just economics, when setting prices. Price serves as a quality signal when customers cannot judge quality directly. The document also outlines different pricing objectives, methods for determining base prices, and strategies for pricing, promotions, and product variations.
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Option 3 is the most feasible choice for the company. A qualitative analysis showed that Option 3 leverages strong relationships with natural food retailers and positions the company in the fast-growing natural foods channel. It also maintains the company's competitive advantage and avoids potential conflicts with retailers. A financial analysis also supported Option 3. Expanding only through natural food stores protects the brand image with health-conscious customers and avoids compromising quality for lower supermarket prices.
Evolution of consumer behaviour
This document discusses several models of consumer behavior:
1) The Nicosia Model which shows the relationship between a firm's attributes, a consumer's attributes, and the consumer's decision making process.
2) The Howard-Sheth Model which views consumer behavior as a rational problem solving process influenced by stimuli and resulting in actions. It identifies inputs, constructs, and outputs in the consumer's decision process.
3) The Engel-Kollat-Blackwell Model which is a highly comprehensive, multi-stage model that treats the individual as a system and recognizes intervening variables between initial inputs and final outputs. It takes into account psychological and environmental factors.
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This document summarizes several models of consumer decision making:
1. The Stimulus-Response Model of Buyer Behavior focuses on motivators, determinants, and the effects of communication channels on consumer buying processes.
2. The Sheth-Newman Gross Model of Consumption Values proposes that functional, social, conditional, emotional, and epistemic values influence consumer choices.
3. Additional models discussed include the Solomon Model of Comparison Process, Nicosia Model of firm-consumer interactions, Howard-Sheth Model of extensive, limited, and habitual problem solving, and the Engel-Kollat-Blackwell Model of information input, processing, decision stages, and decision variables.
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The document discusses key concepts related to consumer decision making and behavior. It covers the consumer decision making process, which includes need recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation. It also outlines various factors that influence consumer decisions, such as cultural, social, individual, and psychological factors. Finally, it provides learning objectives that explain why marketers should understand consumer behavior and identify the different types of consumer decisions and levels of involvement.
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3) It also examines how cultural influences like values, reference groups, social class, and family roles impact consumer decisions.
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2. Key characteristics of a consumer market include that it is a marketplace catering to individual consumers, with goods bought for individual or family consumption rather than resale.
3. Examples of goods purchased for individual use include clothes and shoes, while groceries, fuel and cars are typically for family consumption, and large appliances like refrigerators and beds are generally not for resale.
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This document outlines 6 steps for companies to set initial prices for new products or services:
1. Select the pricing objective such as maximum profit, market share, or product leadership.
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3. Estimate costs including fixed, variable, total, and average costs of production and distribution.
4. Analyze competitors' costs, prices, and offers.
5. Select a pricing method like markup, target return, perceived value, value, or going rate pricing.
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Retailers face increasing challenges related to pricing including high consumer price sensitivity, aggressive competitive pricing, and the need to maintain brand image. Many retailers still believe they can win on price alone, though top performers focus more on brand protection. Gathering competitive price data remains a challenge, with over half of respondents still relying on manual processes. Emerging technologies that provide automated competitive price intelligence are helping address this challenge and better enable retailers to implement effective pricing strategies across all sales channels in today's omni-channel environment.
Brand tracking studies
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- Over a third buy store brand groceries, while two-thirds buy regular brands.
- Price has become a more important factor than convenience in choosing where to do the main grocery shop.
- Younger consumers and those from lower social classes are more likely to have changed their shopping behavior since the start of the year, such as buying cheaper products.
- Green grocers and butcher shops saw more customers in the past 6 months, while health stores and bakeries saw less.
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1) The document discusses various factors that influence consumer decision making, including cultural, social, psychological, and individual factors.
2) It outlines the five stages of the consumer decision making process: need recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation.
3) It also examines how cultural influences like values, reference groups, social class, and family roles impact consumer decisions.
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Consumer market
1. A consumer market consists of household consumers who purchase goods for personal or family use rather than for resale.
2. Key characteristics of a consumer market include that it is a marketplace catering to individual consumers, with goods bought for individual or family consumption rather than resale.
3. Examples of goods purchased for individual use include clothes and shoes, while groceries, fuel and cars are typically for family consumption, and large appliances like refrigerators and beds are generally not for resale.
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Viewers also liked
How do consumers process and evaluate prices
Consumers process and perceive prices based on their market segment, reference prices from comparisons, and inferences about quality. The internet has changed how consumers get pricing information and compare thousands of vendors. Marketers should consider consumer psychology and frame prices in terms of quality when stating prices to customers, aiming for price points that consumers perceive as fair while meeting business goals.
How do consumers process and evaluate prices
Consumers use various reference prices when evaluating product costs such as fair prices based on what they feel a product should cost, typical and historical competitor prices, expected future prices, and usual discounted prices. Consumers also often use price as an indicator of quality, seeing higher prices as meaning higher quality, and view exclusivity and scarcity as justifying premium pricing. Additionally, consumers process prices from left to right so prices like $499 feel lower than $500, and sale signs can increase demand if not overused.
How should a company set prices initially for product or services?
This document outlines 6 steps for companies to set initial prices for new products or services:
1. Select the pricing objective such as maximum profit, market share, or product leadership.
2. Determine demand for the product by estimating demand curves using surveys, price experiments, or statistical analysis of past sales.
3. Estimate costs including fixed, variable, total, and average costs of production and distribution.
4. Analyze competitors' costs, prices, and offers.
5. Select a pricing method like markup, target return, perceived value, value, or going rate pricing.
6. Consider other factors to select the final price like marketing activities, company policies, and impacts on customers and other parties
How do consumers process and evaluate prices
Developing appropriate pricing strategies is important for businesses. The pricing environment has changed with easy access to credit, marketing campaigns, and technology that allows buyers to easily compare prices online and find deals. Sellers now monitor customer behavior to tailor offers and prices to different customers. To develop effective strategies, marketers must understand how consumers perceive prices based on reference points, inferences about quality, and psychological effects of price endings. Consumers compare prices to internal reference values and may assume higher prices mean better quality, though additional information can change this.
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The document discusses how companies can adapt prices to varying circumstances and opportunities. It identifies several factors that affect price changes, including geography, demand, costs, market segments, purchase timing, and order levels. The document then outlines different pricing strategies companies can use, such as geographical pricing, price discounts and allowances, promotional pricing, differentiated pricing based on customer segments, time, channels, and image. It concludes with a recap of the key topics covered.
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This document discusses pricing strategies and how consumers evaluate prices. It notes that Tata DoCoMo was an early adopter of market penetration pricing. Customers pay for products and services through various forms like cash or frequent flier miles. The pricing environment is changing due to factors like access to credit, unique products, and marketing. There is a small affluent customer segment and a larger aspiring/struggling segment in South Asia, so different pricing and value propositions are needed for different groups. The document also discusses how buyers and sellers discriminate through tools like instant price comparisons, negotiating auction prices, and tailoring individual offers. It recaps that price is more than just a number and influences quality perceptions.
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- The marketing process of understanding customer needs, designing strategies to meet them, implementing plans, building relationships, and capturing value.
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Adv375 chapter one
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Consumers are now researching and purchasing products in new ways driven by changing technologies and media. They actively seek input from friends and family online to learn about their options. Marketers must reevaluate how they reach consumers throughout the decision journey, from initial consideration of brands to purchase completion and loyalty. To influence purchasing decisions, marketers need to understand this new consumer-driven process and ensure their messages are aligned and present at the right touchpoints.
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How do consumers process and evaluate prices?
- 6. 3. Informal Communication • Friends • Family • Colleagues
- 8. Purchase decisions are based on how consumer’s perceive prices
- 9. Blue Denims are priced differently and each purchased by consumer’s with different phychology
- 10. Are sold for Rs500 on streets Symbolize Convenience and Durability
- 11. Mid Segment Brands Retail at Rs1000 Signifies Fashion, Fit and Finish
- 12. Premium Brand’s sell at about Rs2500 Sells Craftmanship and Lifestyle
- 13. Top Brands like Armani sells it for Rs10,000 and even more It sells Exclusivity and Status
- 14. 3 Key Topics that Define Consumer’s Perception of Prices
- 15. 1. Reference Prices Comparing observed price to a reference price
- 17. Price Endings Prices ending with odd numbers makes the offer attractive
- 18. RECAP • Ways in which customer interpret price 1. Prior purchasing experience 2. Advertisements 3. Informal Communication 4. Online resources • Differentiated Pricing example • Keypoints Defining Consumers Price Perception 1. Reference Prices 2. Price-Quality Interference 3. Price Endings
- 19. Created by ANKEITA MALL, S.G.S.I.T.S. , during an internship by Prof. Sameer Mathur, IIM Lucknow. www.IIMInternship.com