Main Factors That Influence in the Price Misperception

Mª Encarnación Andrés Martínez, Miguel Ángel Gómez Borja, Juan Antonio Mondéjar Jiménez

Abstract


Price knowledge is a very important psychological concept for retailers and manufacturers to formulate and develop marketing strategies. In this sense, an analysis of the knowledge that individuals have of prices can help retailers design more efficient price strategies. The purpose of this research is to analyse socio-demographic and environmental determinants (i.e. price range) and consumer price perception error in different types of retail stores. The empirical study is based on a survey that analyses price knowledge using perception error. Considering different socio-demographic and behavioural aspects of consumers in relation to prices, an analysis was carried out to ascertain whether or not there are significant differences in perception error. The results reveal significant differences for the price range and some socio-demographic variables.

Keywords


prices; price knowledge; perception error.

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DOI: http://dx.doi.org/10.18533/ijbsr.v3i3.63

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International journal of business and social research (Print)
ISSN 2164-2540

International journal of business and social research (Online)
ISSN 2164-2559

[International Journal of Business and Social Research (IJBSR) previously published by MIR Center for Socio-Economic Research, MD, USA. From February 2018 this journal is published by the LAR Center Press, OR, USA]