The price is the essential criteria in buying decisions
It is November and you cannot oversee it that Black Friday is coming closer. Since last week I have observed that the TV spots are running on the Black Friday offers – especially gadgets.
Wow, again? Television informs us – the consumers – that we should prepare ourselves for the end of the year. A radio show in the same morning gives the confirmation that many people start even from November to collect their presents.We should be attracted by the advantageous offers and make our Christmas Shopping in best time.
Consequently, we as consumers should start go shopping. But how do we consumers generally take buying decisions? Well, when we search for a product we go to the specific shop and compare all offers. We look what advantages some offers have compared to the others, but the decisive criteria remains the price after all.
By paying for something we finally opt for, we exchange two goods – money against product. The price symbolizes not only the production costs, but contains several other information for the consumers. Usually, when we see a cheap product, we are more likely to buy it. Furthermore, we prepare ourselves quite detailed before actually purchasing the desired product: we make a search on the internet or look on advertising brochures to check on what is the price for the products.Then we go to one shop and look for the real products to decide for a specific model (if we have not taken a decision yet), furthermore we take a shop round and compare the different prices for this selected product and we will buy the cheapest one. So it is not unusual that the product is sold out in the shop with the cheapest offer.
The ultimative reference point when we take a decision for buying something is the products`price…and the producers know this very well and make very irresistible offers to increase their sales.Maybe it is not such a bad idea to start making your plan on what your Christmas presents will look like… to avoid the stress before Christmas and to save some money.
If you want to find more information about the importance of pricing in the regulation of the market, I recommend you the book Wirschaftspsychologie by Kirchler.
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