Formulation of the marketing price policy of the enterprise taking into account the psychological effects of price perception

This study aims to explore the main objectives of marketing price policy and the various pricing strategies available to achieve these objectives. The research distinguishes between two types of prices in marketing price policy: basic price, which is seller-oriented, and fair price, which is buyer-oriented. Additionally, the study differentiates between price policy and price management policy, with the former involving setting the maximum price for the product and its positioning, and the latter maintaining actual prices and regulating conditional prices through discounts and price discrimination. The research delves into an extensive analysis of different marketing pricing strategies, such as pricing above or below market prices, pricing based on competitors or consumer properties, pricing based on demand dynamics, pricing with discounts, special conditions, and price tiers, and the strategies of penetrating prices and psychological pricing. Furthermore, the study identifies three main objectives that a well-formulated pricing policy should achieve: achieving the company №39; financial objectives, meeting market realities, and supporting product positioning, quality, and distribution. The research also highlights the psychological effects that must be considered when forming marketing price policies. These include the effect of tying a cheap product to an expensive one, the Weber-Fechner law, the use of the number 9 to sell products better, the combination of frequently purchased products, the importance of details in advertising, and the emphasis on benefit or pleasure. Additionally, the study emphasizes the use of the word free; the focus on time spent or saved, the taboo of unjustified price comparison, the power of context, testing different price levels, and the impact of price tag matters and likeness on sales