The effects of simulated price change on consumers in a retail environment
The following paper deals with the psychological price research and shows a strategy to increase the effectiveness of price creation under consideration of psychological rules. By varying the price of a certain trial product the effects on behavior and recognition in specific consumer groups were examined. The results showed significantly different reactions among the various groups that have to be considered when creating a price. Furthermore, a method is presented which allows consolidated turnover prognosis at a given price adhering to a combined economic and socio-psychological procedure.
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