Scholarly record

PSYCHO-SOCIAL ASPECTS OF PRICE IN THE BULGARIAN CONTEXT

Hristina Mihaleva, Zahari Dechev, Svetla Atanasova, Teodora Todorova

Abstract

In modern commerce, the psycho-social aspects of price have a significant impact on the buyers. The buyer's connection to the price of a product signifies specific substantive characteristics, which inherently contribute to the application of certain factors in marketing for the exploration and examination of the issue at hand. The present study focuses on specific determinants that influence the determination of the final price by the manufacturer, the trade agent (intermediary), and the buyer themselves. Within the scope of the discussion, the primary objective of the research work is associated with highlighting certain theoretical and empirical aspects of the psycho-social influence on the buyer regarding the price of the product, which is based on the dynamics of trade in the Bulgarian context influenced by a range of factors. In its practical orientation, the present study aims to find answers to several marketing questions addressed to the Bulgarian buyer: What factors influence their choice of food? How often do they shop for groceries? Where do they purchase their foodstuffs? In which food groups have prices increased the most? How do our buyers judge the prices of food products? The questions themselves encompass a variety of combinations of answers and dependencies, which presuppose the clarification of the following tasks: a theoretical justification of the problem regarding the psycho-social aspects of price in relation to the buyer based on influencing factors; conducting a survey among 500 Bulgarian buyers of specific food products; processing the results and conducting an empirical analysis to trace the influence of price and the attitude it shapes in the buyer; drawing conclusions, providing theoretical generalization, and reaching a conclusion. The marketing research work is based on the following hypothesis: the selection of a suitable set of factors to determine the influence of prices on the products offered by the manufacturer and the trade agent (intermediary) contributes to the justification and decision-making process that shapes future economic benefits for the enterprise. The research hypothesis may lead us to a "feedback loop" and direct us towards answering the question: "What is the cause of the Bulgarian buyer's disagreement with the current prices of food products offered in our market?" In the marketing interaction of "seller-intermediary-buyer," the product's price emerges as an essential characteristic. To a large extent, it determines, channels, and optimizes these trade interactions. The marketing tracking of the specificity of the psycho-social aspects of price highlights their impact on the buyer in the specific Bulgarian context, thus stimulating the current research interest.

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DOI resolver: doi.org/10.35603/sws.iscss.2024/gs04.40

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