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Implicit pricing research as a directive tool in digitized controlling

  • Pricing decisions are some of the most important marketing considerations and require knowledge on the value that customers associate with a company’s offerings when optimizing revenues and product positioning in a market. However, measuring the customers’ willingness to pay (WTP) remains a challenging task, because numerous biases, psychological phenomena, and social norms cause distorted answers in methods that are commonly used to assess the WTP, which leads to misguiding data and false assumptions with regard to price-sales relationships. This study recognizes the importance of reliable and accurate data that adequately reflects the real market situation. In this context, controlling as a business function plays a major role, being the intersection between financial consideration and business functions such as marketing and sales, providing important data that is used as a foundation for strategic decision-making. Therefore, this study has the objective to investigate how implicit price research can support the planning of strategic decisions in the context of digitized controlling by implementing an online reaction time tool as an integrated module into a controlling software. The present paper proposes to contribute to this topic by applying an experimental pricing research method – NeuroPricing® Online – using implicitly assessed reaction time data to investigate the subjects' unconscious willingness to pay in two distinct case studies in the mineral water market. The results of the first case study indicate the existence of the willingness to pay a price premium for organically labeled water but suggest a strong dependence on the container type and the distinct price segment in which the water is offered. The second case study revealed that the perceived value of identical products of a brand could be considerably different between potential customers in established and new sales regions. Our research contributes to a better understanding of consumers’ valuation and emphasizes the importance of implicit pricing research as a method to support digitized controlling as an interconnecting business function between financial considerations, consumer behavior, and strategic management.

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Author:Justus Johannes Riegger
Advisor:Kai-Markus Müller
Document Type:Bachelor Thesis
Year of Completion:2021
Granting Institution:Hochschule Furtwangen
Date of final exam:2021/09/30
Release Date:2021/10/12
Tag:Controlling; Implicit pricing research; NeuroPricing® Online; Sales; Willingness to pay
Page Number:146
Degree Program:BMP - Business Management and Psychology
Functional area:Business Strategy
Licence (German):License LogoUrheberrechtlich geschützt