IDEAS home Printed from https://ideas.repec.org/a/ids/ijbsre/v11y2017i1-2p101-117.html
   My bibliography  Save this article

The impact of psychological pricing strategy on consumers' buying behaviour: a qualitative study

Author

Listed:
  • Santosh Kumar
  • Mrinalini Pandey

Abstract

The recognition of consumers' behaviour is crucial for effective marketing plans. Evidences explain that the psychological pricing communicates meaning to consumers. This study theoretically examines the impact of psychological pricing on consumers' buying behaviour. The study has used secondary data from research papers, monographs, theses, popular articles, and newspapers. Findings show that socio demographic factors like age, income, education, gender, lifestyle, family size, reference groups, social roles and status and the psychological patterns like representativeness, availability of products and the anchoring heuristics are key factors which influence consumers' buying behaviour. Additionally, the consumers, who are more price cognisant are more probable to select nine-ending prices. Indeed, low involved customers, those with a small hedonic and symbolic attachment profile, low educated, low income and younger customers are prone to select the nine-ending priced products and services. The findings can have implications for retailers, pricing managers, researchers, academicians, society and government.

Suggested Citation

  • Santosh Kumar & Mrinalini Pandey, 2017. "The impact of psychological pricing strategy on consumers' buying behaviour: a qualitative study," International Journal of Business and Systems Research, Inderscience Enterprises Ltd, vol. 11(1/2), pages 101-117.
  • Handle: RePEc:ids:ijbsre:v:11:y:2017:i:1/2:p:101-117
    as

    Download full text from publisher

    File URL: http://www.inderscience.com/link.php?id=80843
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ids:ijbsre:v:11:y:2017:i:1/2:p:101-117. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Darren Simpson). General contact details of provider: http://www.inderscience.com/browse/index.php?journalID=206 .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.