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The Influences of Pricing Based on Consumer Preference---Taking the ‘Hype Shoes’ Phenomenon as an Example
- 1 Nanjing Audit University
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Abstract
In recent years, the phenomenon of “hype shoes” has attracted more and more attention. The “hype shoes” uses consumer preferences to make special pricing and make money on the price difference. To understand how consumer preferences influence pricing strategy, many studies have dissected consumer preferences from the producer’s perspective. In this paper, we analyzed whether a firm’s pricing strategy is reasonable from an economic perspective, and also clarify the importance of consumer preferences in business competition. There are many economic principles behind this phenomenon and it is worth reflecting on them. Studies have found that consumers’ age, gender, occupation and even body size can be used as pricing factors by businesses. Therefore, once a company has more information about a consumer, it can provide personalized services to the consumer, and on the other hand it may use big data discriminatory pricing (BDDP) to earn more money. Through the analysis of the “hype shoes” phenomenon, businesses should learn to correctly grasp consumer preferences and then raise pricing appropriately based on cost. Finally, businesses should know how to properly invest in market research to obtain more consumer data and ultimately adopt a successful pricing strategy.
Keywords
preferences, economic principles, market research
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Cite this article
Wang,X. (2023). The Influences of Pricing Based on Consumer Preference---Taking the ‘Hype Shoes’ Phenomenon as an Example. Advances in Economics, Management and Political Sciences,10,64-69.
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Volume title: Proceedings of the 2nd International Conference on Business and Policy Studies
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