How do consumers process and evaluate prices?

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Consumer’s Price Evaluation Ankeita Mall S.G.S.I.T.S.

Transcript of How do consumers process and evaluate prices?

Page 1: How do consumers process and evaluate prices?

Consumer’s Price Evaluation

Ankeita MallS.G.S.I.T.S.

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How do Consumer’s Process and evaluate Price?

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Consumer’s Interpret Price from

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1. Prior purchasing experience

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3. Informal Communication

• Friends• Family• Colleagues

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4. Online Resources

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Purchase decisions are based on how consumer’s perceive prices

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Blue Denims are priced differently and each purchased by consumer’s with different phychology

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Are sold for Rs500 on streets

Symbolize Convenienceand Durability

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Mid Segment Brands Retail at Rs1000

Signifies Fashion, Fit and Finish

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Premium Brand’s sell at about Rs2500

Sells Craftmanshipand Lifestyle

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Top Brands like Armani sells it for Rs10,000 and even more

It sells Exclusivityand Status

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3 Key Topics that Define Consumer’s Perception of Prices

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1. Reference Prices

Comparing observed price to a reference price

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Price-Quality Interference

Using Price as Indicator of Quality

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Price Endings

Prices ending with odd numbers makes the offer attractive

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RECAP• Ways in which customer interpret price1. Prior purchasing experience2. Advertisements 3. Informal Communication4. Online resources

• Differentiated Pricing example• Keypoints Defining Consumers Price Perception1. Reference Prices2. Price-Quality Interference 3. Price Endings

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Created by ANKEITA MALL, S.G.S.I.T.S. , during an internship by Prof. Sameer Mathur, IIM Lucknow. www.IIMInternship.com

http://www.google.com/url?q=http://www.IIMInternship.com&sa=D&sntz=1&usg=AFQjCNFUonXVd-8K9LE3EyWz1vON5QbuLg

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