The Impact of Price on Consumer Buying Behavior

Abstract

The price of a product or service is a critical factor that influences consumer buying behavior. This abstract explores the impact of price on consumer decision-making processes, examining how price sensitivity, perceived value, and price-quality perceptions shape consumer behavior. It highlights the various factors that affect consumers' perception of price, including income, psychological factors, and reference prices. The abstract also discusses the role of pricing strategies, such as discounts, promotions, and price signaling, in influencing consumer behavior. Furthermore, it addresses the importance of understanding price elasticity and its implications for pricing decisions. Recognizing the impact of price on consumer buying behavior is vital for businesses in effectively pricing their products and implementing successful marketing strategies.

Keywords: price, consumer buying behavior, price sensitivity, perceived value, price-quality perceptions, pricing strategies, price elasticity.