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Dr. Shazeed Ahmed
,
Abstract

Psychological pricing has been used by marketers over the years to manipulate buying behaviour of consumers. Marketers often use psychological policy in pricing the products or services. In fact knowledge on the perception of retailers and consumers on psychological pricing can help marketers in framing vital marketing policies in terms of marketing communication and distribution. Hence a need was felt to know the perception of retailers and consumers on psychological pricing. This paper conducts a systematized study with the twin objectives of studying the overall consumer perception on psychological pricing and overall retailer perception on psychological pricing. It is an exploratory cum descriptive study with a sample size of 200 each for the retailers and consumers respectively.

The study found that psychological pricing attracts customer to have a look at the products. Secondly as psychological pricing increase the chances of selling products, it is a motivation for the sales people for selling such products. Thirdly since the figure ending with 99 give a good effect in the mind of the customers it is a good marketing strategy to bring more customers. Moreover marketers need to communicate and see that the products which have psychological price tags are equally better in quality compared to other normal products otherwise such kind of policy will not get a good market for the brand in the long run.

KEYWORDS: perception, psychology, odd pricing, stimuli

Keywords:
Journal Name :
EPRA International Journal of Economic and Business Review(JEBR)

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Published on :

Vol : 5
Issue : 9
Month : September
Year : 2017
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