Application of Neuromarketing Principles in Pricing: Theoretical Aspect
Vytautas Magnus University
Longevous practice of marketing school of thought implies that the only one element of marketing mix which generates revenue and profits to organizations is pricing. However, when seen from customers’ point of view, price is the element which highlight customer the amount of product- related expenses. Accordingly, it can be stated that pricing decisions can be decisive for organization’s success or failure in the market. Application of neuromarketing principles in organization’s activity can be held as one of modern and successive ways to look at the market. Neuromarketing’s application areas are provided and theoretically analyzed in the article; subsequently, the possibilities of application of this paradigm in pricing are highlighted. Endeavouring to highlight the common guidelines for the usage of neuromarketing principles in pricing, the algorithmic model is composed. The proposed model can be further used for either scientific pricing researches, either practical pricing decision making.
Keyword(s): consumer behaviour; neuromarketing; pricing
Management Theory and Studies for Rural Business and Infrastructure Development
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