Analysis of the psychology of price and its application in marketing

Abstract

This article seeks to illustrate the importance of price psychology and its application, taking into account that price is one of the determining variables when the buyer decides to make the purchase of a good or service effective. The analysis of the article is based on the study of price as a determining factor for companies and their permanence in the market, all this is done through a bibliographic review of articles, magazines, books, etc. Most buyers judge prices comparatively, that is, the reference price conditions their judgment, generating concepts of acceptance or rejection when purchasing the product, this process is influenced by the competition and the methods used to establish prices in each industrial sector, but in the end the most important and influential factor when defining the parameters and bases for establishing prices are consumers.