Abstract:

Many studies have shown that customers are not just rational about buying products and services, which means that the purchasing process does not have to be accompanied by long decision-making and comparisons of parameters between items. The human brain is wired to make purchasing decisions from the same area that also controls human emotions. If marketing managers understand customers’ brain activities, then they can use this knowledge to help increase your sales and deliver on value. It is precisely price anchors that can be a powerful tool to influence buyers' brains and thus encourage them to buy a product or service. In this article we deal with the definition of price anchors and provide a view of the various authors on this issue through experiments and studies they have done. We made an experiment on Slovak consumers and we will point out the psychological power of price anchors. We found out how a particular price anchor affects their buying behavior. Our experiment was inspired by one of the authors mentioned in the literature review. After the experiment, the results confirmed the author's assertion about the price anchor and its impact on consumer buying behavior. At the end of the article, we will provide recommendations for practice and thus how different businesses can effectively apply a price anchor mechanism to increase the marketability of their products or services.