Main Factors That Influence in the Price Misperception

Authors

  • Mª Encarnación Andrés Martínez University of Castilla-La Mancha
  • Miguel Ángel Gómez Borja University of Castilla-La Mancha
  • Juan Antonio Mondéjar Jiménez University of Castilla-La Mancha

DOI:

https://doi.org/10.18533/ijbsr.v3i3.63

Keywords:

prices, price knowledge, perception error.

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.

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Issue

Vol. 3 No. 3 (2013): March

Section

Article

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