The concept of price conformity, the relative similarity
between a product's price and the predominant market price, has attracted
attention in consumer research. However, there remains a gap in research for
understanding how consumers perceive price conformity and how that perception
impacts their behavior. This study investigates the influence of price
conformity on consumer perceptions, particularly in the context of luxury
clothing purchases. Using insights from studies on social conformity and of the
consumer groups themselves, this paper will analyze six distinct consumer types
and their responses to different pricing strategies. The paper’s findings
suggest that individuals driven by status seek exclusivity and perceive higher
prices as indicative of desirability. Conversely, those inclined towards
conformity tend to adhere to established pricing norms. Notably, individuals
with a patrician mindset may exhibit indifference towards price conformity,
suggesting that pricing holds minimal sway over their preferences. These
insights offer valuable guidance for marketing practitioners, enabling them to
tailor their strategies to specific consumer demographics and preferences.
Author(s) Details
Evelyn Mital
Syosset High School, USA.
Please see the link:- https://doi.org/10.9734/bpi/bmerp/v1/1000
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