Formulation of the Marketing Price Policy of the Enterprise Taking Into Account the Psychological Effects of Price Perception

Abstract

This study aims to explore the main objectives of marketing price policy and the various pricingstrategies available to achieve these objectives. The research distinguishes between two types ofprices in marketing price policy: basic price, which is seller-oriented, and fair price, which isbuyer-oriented. Additionally, the study differentiates between price policy and pricemanagement policy, with the former involving setting the maximum price for the product and itspositioning, and the latter maintaining actual prices and regulating conditional prices through discounts and price discrimination.
 The research delves into an extensive analysis of different marketing pricing strategies, such aspricing above or below market prices, pricing based on competitors or consumer properties, pricing based on demand dynamics, pricing with discounts, special conditions, and price tiers, and the strategies of penetrating prices and psychological pricing.
 Furthermore, the study identifies three main objectives that a well-formulated pricing policy should achieve: achieving the company №9, financial objectives, meeting market realities, andsupporting product positioning, quality, and distribution. The research also highlights thepsychological effects that must be considered when forming marketing price policies. Theseinclude the effect of tying a cheap product to an expensive one, the Weber-Fechner law, the useof the number 9 to sell products better, the combination of frequently purchased products, theimportance of details in advertising, and the emphasis on benefit or pleasure. Additionally, thestudy emphasizes the use of the word “free”; the focus on time spent or saved, the taboo on unjustified price comparison, the power of context, testing different price levels, and the impact of price tag matters and likeness on sales.