Effectiveness of Pricing Strategies on Consumer Perceptions in Qatar
DOI:
https://doi.org/10.47672/ijms.2131Keywords:
Pricing, Strategies, Consumer, PerceptionsAbstract
Purpose: The aim of the study was to assess the effectiveness of pricing strategies on consumer perceptions in Qatar.
Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries.
Findings: The study found that pricing plays a significant role in shaping how consumers perceive products and brands. Dynamic pricing, for instance, where prices change based on demand or other factors, can influence consumer perceptions of value and fairness. Additionally, study indicates that using odd pricing (e.g., pricing products at $9.99 instead of $10) can create a perception of a better deal and increase purchase likelihood. Moreover, bundle pricing strategies, such as offering discounts for purchasing multiple items together, can lead to positive consumer perceptions of value and incentivize larger purchases. Overall, pricing strategies have a notable impact on consumer perceptions, affecting their attitudes, purchase intentions, and overall satisfaction with products and brands.
Implications to Theory, Practice and Policy: Perceived value theory, cognitive dissonance theory and brand equity theory may be used to anchor future studies on assessing the effectiveness of pricing strategies on consumer perceptions in Qatar. In practice, businesses can leverage insights from empirical studies to adopt a tailored approach to pricing strategies. From a policy perspective, regulatory guidelines should be established to ensure fairness, transparency, and consumer protection in pricing practices.
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