The influence of price endings on consumer behaviour: an application of the psychology of perception

Emmanuel Selase Asamoah · Miloslava Chоvancοva

13 citations0/0 files storedActa Universitatis Agriculturae et Silviculturae Mendelianae Brunensis

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Consumer Market Behavior and Pricing Consumer Behavior and Marketing Influence Consumer Retail Behavior Studies

Abstract

Price ending is an important pricing strategy that has been used by retailers over the years. The trend seems to be effective considering how consumers react especially to products with odd price endings. This review is aimed at providing an understanding of the psychological influences of price ending on buyers, using the theory of perception. It analysis theories and existing literature on the topic and brings out augmentative pricing strategies that retailers can adopt in consumer markets. Also, an exploratory study was conducted to identify the prevalence of odd prices in the Czech retail sector. The exploratory study was based on 16 different home-drop advertising material, short magazines and leaflets by retails shops in the Zlin region. These leaflets, short magazines and home-drop advertising material were collected and analyzed over 3 month period to identify the dominance of odd and even pricing strategy (total number of advertisements = 922). Also, in order to have a comprehensive coverage of the odd-even pricing phenomenon, opinions of some buyers were sought on their perception of odd-pricing and how the odd-pricing influence their buying decisions. Opinions of a total of 173 shoppers were sampled. The study found clear evidence of the predominant use and preference by shoppers for odd prices compared to even prices in different product categories, especially fast moving consumer goods. The paper concludes by providing the marketing implications and suggestions on when odd and even price ending strategies should be used and for what category of products this strategy can be used. Also, the implications of price endings on marketing communication are highlighted.

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References

1989Price-Induced Patterns of Competition 1989Marketing Concepts and Strategies 1995The strategy and tactics of pricing: A guide to profitable decision making 1997Patterns of Rightmost Digits Used in Advertised Prices: Implications for Nine‐Ending Effects 1997An Empirical Analysis of Price Endings with Scanner Data 1996Increased consumer sales response though use of 99-ending prices 1989Effects of odd pricing on price recall 2000Price-Endings When Prices Signal Quality

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