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Course of studies
Knowledge about consumer buying behavior is of high importance to
companies. Being able to accurately identify customers' willingness to pay
(WTP) helps to optimize one of a company's core goals - to make profit. The
objective of this study is to apply the implicit method NeuroPricing Online to an
example in the tourism sector in order to be able to determine the buying
behavior of consumers and their WTP more precisely. In a bottom-up data
mining approach, individual attitudes towards several price points for a given
product of the vacation resort "Weissenhäuser Strand" were determined by
means of reaction time measurement. We were then able to model curves with
price points per product and their corresponding individual response times per
product. The Feel-Good Price (FGP) as well as the Area under the curve (AUC)
of an individual provide information about a subject's WTP for a given product.
Using independent two-sample t-tests, we found that gender has an influence
on WTP for some products. In addition, we found a difference between subjects
who have previously visited the "Weissenhäuser Strand" and those who have
not for some products. AUC average is larger for those who have already visited
the resort than for those who have not. Furthermore, we examined the factors
age and personality traits for their effect on subjects' purchasing behavior.
However, none of these correlation analyses showed a significant relationship
with FGP or AUC. These results suggest that the "Weissenhäuser Strand"
should specifically advertise to different groups of people in order to increase
profits and skillfully apply the different WTP of some groups as a basis for
pricing. In addition, the study shows that the implicit method of response time
measurement is sufficient for investigations in purchasing behavior in general,
and that NeuroPricing Online has the potential to become a valuable tool for
sophisticated pricing in the future.