ANALYSIS OF THE RELATIONSHIP BETWEEN PSYCHOLOGICAL PRICING STRATEGY AND PRODUCT QUALITY AND THEIR IMPACT ON MARKETING EXCELLENCE (A CASE STUDY OF RETAILERS OF CELLULAR DEVICES IN NAJAF)

Аннотация

INTRODUCTION organization produces a large number of The competitive landscape has shifted the interrelated products with varying qualities and approach of companies introducing their costs, pricing requires more than just technical products to the market. Embracing change has expertise in production and cost; it demands become imperative for survival, and only those innovative and creative thinking, as well as a businesses willing to adapt will seize new constant awareness of consumer motivations. opportunities to excel in this highly competitive Today's consumers are thoughtful and informed market. Pricing is one of the most critical in their purchasing decisions (Al-Talidi, 2020). challenges organizations face, especially when setting prices for new products, launching new The cellular device market has become products, or enhancing existing ones. When an increasingly competitive, and companies are https://www.theamericanjournals.com/index.php/tajmei 104 THE USA JOURNALS THE AMERICAN JOURNAL OF MANAGEMENT AND ECONOMICS INNOVATIONS (ISSN- 2693-0811) VOLUME 06 ISSUE05 striving to develop and market suitable it imperative for organizations to adopt modern products for consumers in this era. This raises trends and concepts to utilize their capabilities the question: how can marketers gain deeper and achieve marketing excellence. This insights into consumer psychology? If highlights the research problem, which can be marketers can understand their consumers' formulated as follows: Is there a relationship psyche, they will be better equipped to develop between the psychological pricing strategy and effective pricing strategies. product quality, and do they have an impact on the marketing excellence of the surveyed Today's consumers know what they want and sample? In this research, we aim to shed light on are well-informed, so companies striving for the pricing strategy for remaining competitive marketing excellence must be cautious when and excelling among competitors. setting their pricing strategies. They need to offer the best, high-quality cellular products The importance of the research lies in the fact with well-known brand names by relying on the that companies use different pricing strategies innovative and creative ideas of marketers and to achieve marketing excellence. One such their ability to read consumers' thoughts strategy is psychological pricing, which involves regarding their needs and wants. Additionally, tactics that exploit consumers' cognitive and the right choice of company location in the emotional responses to pricing strategies competitive market is crucial. All of this Hypothesis: requires a good understanding of consumer psychology, enabling marketers to create an First Hypothesis: There is a statistically ideal picture of their target audience when significant correlation between psychological developing their pricing strategies (Hasan, pricing policy and marketing brilliance 2016). Second Hypothesis There is a statistically Marketing techniques used by marketers significant correlation between the Quality of through pricing methods that appeal to the Product and marketing brilliance psychological and emotional aspects of Third Hypothesis: There is a statistically consumers. To attract consumers and introduce significant effect of psychological pricing policy new products, marketers use various activities on marketing brilliance such as coupons, demonstrations, event offers, Fourth Hypothesis: There is a statistically and trade shows. significant effect of the Quality of Product on Currently, businesses face numerous challenges marketing brilliance due to the rapid increase in competition, Research plan particularly concerning technological advancements and digitalization. This has made https://www.theamericanjournals.com/index.php/tajmei 105 THE USA JOURNALS THE AMERICAN JOURNAL OF MANAGEMENT AND ECONOMICS INNOVATIONS (ISSN- 2693-0811) VOLUME 06 ISSUE05 Psychological Pricing Policy Marketing Brilliance Quality of Product First Section: Psychological Pricing Strategy and Product Quality First: Psychological Pricing Strategy: Al-Talidi (2020) defines price as "the amount of money required to exchange for a mix of the 1- Concept and Importance physical and psychological attributes of a Companies need to re-evaluate their pricing product, including the associated services, i.e., strategies to ensure they remain at the forefront the exchange value of the product in the of marketing excellence. In reality, pricing a market." product goes beyond profit margins; it is a Consumers tend to associate higher prices with marketing tool. According to Kotler, pricing higher quality and lower prices with inferior strategy is essential for any organization quality. This inference is particularly prevalent involved in producing goods as it reflects their when consumers lack prior knowledge or overall pricing approach. A company does not experience in a specific product category. set just one price