Activity 4 Quantitative revised

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Kuala Lumpur Metropolitan University College *

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4024

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Marketing

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Nov 24, 2024

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ACTIVITY 4 1 Quantitative Activity 4 Name Institution

ACTIVITY 4 2 Introduction This study aims to investigate the relationship between pricing strategies and consumer purchasing decisions through a quantitative research approach. Surveys and data analysis will be used to gather data from a sample of consumers about their purchasing behaviors and perceptions of different pricing strategies (Fellers & Kuiper, 2020). We will also analyze data from businesses to understand their pricing strategies and how they impact sales. By examining the relationship between pricing strategies and consumer purchasing decisions through a quantitative approach, this study aims to provide a comprehensive understanding of the topic and to identify key factors that influence consumer purchasing decisions. Additionally, the results of this study will provide valuable insights for businesses on how they can optimize their pricing strategies to increase sales and customer loyalty. The Theoretical/Conceptual Framework 1. Pricing strategy: This theory explains the different pricing methods that companies use to set prices for their products or services. These strategies include cost-plus pricing, value-based pricing, and competition-based pricing. This theory is relevant to the research problem as it helps to understand the different ways in which companies set prices and how these prices can impact consumer purchasing decisions. 2. Perception of value: This concept refers to how consumers perceive the value of a product or service in relation to its price. It is relevant to the research problem as it helps to understand how consumers view the value of a product or service and how this perception can impact their purchasing decisions. 3. Behavioral economics: This theory explores how psychological and emotional factors influence consumer behavior, including purchasing decisions. This theory is relevant to the

ACTIVITY 4 3 research problem as it helps to understand how consumers make decisions and how pricing strategies can be used to influence their behavior. 4. Consumer decision-making process: This concept explains the different stages that consumers go through when making a purchase decision, including problem recognition, information search, evaluation of alternatives, and purchase decision. This concept is relevant to the research problem as it helps to understand how consumer purchasing decisions are made and how pricing strategies can be used to influence these decisions. 5. Marketing Mix: Marketing Mix is a set of tools that companies use to create and deliver value to their customers. It includes product, price, place, promotion, people, process, and physical evidence. It is relevant to the research problem as it helps to understand how companies can use the right mix of these tools to attract and retain customers. 6. Anchoring Effect: Anchoring Effect is a cognitive bias that occurs when people rely too heavily on the first piece of information they encounter when making decisions. It is relevant to the research problem as it helps to understand how the first price a consumer sees can influence their perception of value and ultimately their purchasing decision (Ampountolas et al., 2019). Research Questions Research Question 1 How do different pricing strategies (e.g. discounts, promotions, etc.) impact consumer perceptions of value and purchasing decisions? Hypothesis 1 H O1 – There is no significant difference in consumer perceptions of value and purchasing

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ACTIVITY 4 4 decisions between products or services that are offered at a discount compared to those that are not offered at a discount. H A1 – There is a significant difference in consumer perceptions of value and purchasing decisions between products or services that are offered at a discount compared to those that are not offered at a discount. Research Question 2 To what extent does the consumer's decision-making process influence their purchasing decisions when presented with different pricing strategies? Hypothesis 2 H O2 –Consumers do not consider the pricing strategy when making purchasing decisions. H A2 – Consumers consider the pricing strategy when making purchasing decisions. Research Question 3 What is the relationship between a consumer's income level and their perception of value and purchasing decisions when presented with different pricing strategies? Hypothesis 3 H O1 – There is no significant relationship between a consumer's income level and their perception of value and purchasing decisions when presented with different pricing strategies. H A1 . – There is a significant relationship between a consumer's income level and their perception of value and purchasing decisions when presented with different pricing strategies.

ACTIVITY 4 5 References Ampountolas, A., Shaw, G., & James, S. (2019). The role of social media as a distribution channel for promoting pricing strategies. Journal of Hospitality and Tourism Insights . https://doi.org/10.1108/JHTI-07-2018-0040 Fellers, P. S., & Kuiper, S. (2020). Introducing undergraduates to concepts of survey data analysis. Journal of Statistics Education , 28 (1), 18-24. https://doi.org/10.1080/10691898.2020.1720552

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