THE PRICE PERCEPTION AND BUYING DECISION STYLE TRAITS THROUGH ONLINE

SHOPPING AMONG UMDC SHS STUDENTS

A Research Paper
Presented to the Faculty of SHS Department
UM Digos College

In Partial Fulfillment of the Requirements in

RES2s Subject

By
Antonio, Almina Angel
Banogbanog, Nathaniel
Carbon, Lanie Leonor
Carbon, Sophia Carol
Durano, Shekinah Grace
Janea, Harrly Joyce

2022
 Chapter 1
THE PROBLEM AND ITS SETTING
Background of the Study

In this time and age, nationwide lockdown, social distancing, and other protocol was

adopted to prevent the spread of the COVID-19 outbreak and have prompted people to spend

more money on online shop. The COVID-19 outbreak has impacted many people's lifestyles and

incentives, such that their purchasing behaviors also changed.

Online shopping has become a popular way of shopping for consumers. Online shopping

is the act of purchasing a product or service from an e-store via a website or app. Shopping

through online services is gaining popularity owing to the ability to save time and effort because

online consumers have an option of shopping at any time of the day sitting at their home (Tarhini

et al., 2018). It offers a huge collection of products and allows consumers to get the products as

per their needs. Shopping online offers lower prices as compared to the traditional shopping

method. Some shops offer gift coupons, vouchers and promotional offers which attracts the

consumer to buy products in discounted price. Not only does online shopping offer good deals,

but also brings optimum convenience to the consumers. Moreover, the use of Internet tools for

price searching and comparison provides an additional advantage in consumers’ final decision,

as they can purchase their desired products in the lowest available price (Bodla, Bhag & Saini,

Pinki, 2018).

Consumer buying decision style traits is the study of how individual customers, groups or

organizations select, buy, use, and dispose ideas, goods, and services to satisfy their needs and

wants. It refers to the actions of the consumers in the flea market and the underlying motives for

those actions. Online consumers acknowledge the need for buying some products. They usually

will look up to the internet to shop online and start to search for the information about the things

that they will buy and look for all the alternatives and finally make a purchase which is best price
to their needs. Before making final purchase, consumers are influenced by several levels which

limit them before making the final decision as advertising and language.

Several reasons affect buyers in shopping especially via online. A study in Malaysia found

out that consumers’ preference differs on which attributes they emphasize more as compared to

the others. Moreover, other people can significantly influence their buying decisions and

repurchase intention. The findings of the study revealed that quality, price, brand name and

product information had significant relationship on repurchase intention for high involvement

products. Spouses, friends, siblings, family members, and other people influence behavior of the

economy, unstable prices of commodities and skyrocketing value of living. (Akir & Oman, 2022).

The recent development of some technological features to assist consumers throughout

the online purchase have also given rise to the change in consumer behavior, for example, search

engines, comparison engines, recommender systems and social networks. They simplify online

purchase by offering consumers diverse types of convenience to search for information, evaluate

different options, and make a purchase (Ansari, Z.A., 2019). Although some of the attributes of

quality must be measured objectively, quality must be measured in terms of buyer’s perception.

Therefore, it is obvious that managers cannot boast of having the quality product on the market.

There are many variables that affect consumers' decision making. Price is among one of

them and has a complex structure. Most of the studies have investigated the impact of price on

product evaluation and considered the price as unidimensional. Consumers' price perception

happens to realize over a course of time. While the consumer behavior is the study of how

individual customers, groups or organizations select, buy, use, and dispose ideas, goods, and

services to satisfy their needs and wants. It refers to the actions of the consumers in the

marketplace and the underlying motives for those actions.

 Some online consumers often take time to buy selected purchases. People have diverse

backgrounds in deciding what, where, and when to buy. Consumers are having the difficulty in

making a decision when buying a product. Therefore, the researchers were intrigued to determine

how consumers behave in shopping experiences when confronted with certain situations or

problems. With the intention of exploring the relationship between price perception and buying

decision style traits of consumers, this study is conducted.

Statement of the Problem

The study aims to determine the relationship between the price perception and buying

decision style traits of consumers.

Specifically, it sought answers from the following questions:

1. What is the level of price perception of the respondents in terms of:

1.1 Price-Quality Relationship

1.2 Price Consciousness

1.3 Prestige Sensitivity

1.4 Price Mavenism

1.5 Sale Proneness

2. What is the level of consumer buying decision style traits in terms of:

2.1 Perfectionism

2.2 Brand Conscious

2.3 Novelty-Fad-Fashion Conscious

2.4 Value Conscious

2.5 Brand Loyal

 3. Is there a significant relationship between the price perception and the consumer buying

decision style traits?

Hypothesis

The null hypothesis was tested using 0.05 level of significance.

Ho. There is no significant relationship between the price perception and the consumer

buying decision style traits in University of Mindanao SHS in Digos City.

Review of Related Literature

In this section, the variables used were discussed and further elaborated by means of

related literature and other readings that is in consonance with the study.

Online Shopping

Since the middle of the 1990s, Internet shopping has become one of the most popular

forms of electronic shopping. During this decade, web technologies have been particularly

important. The most significant means of communication and social interaction for us nowadays

is the internet. Online activities such as online banking, online buying, online socializing, online

marketing, online affiliations, online tutorials, online courses, online advertising, and others allow

us to obtain any information we require. Online shopping is a type of e-commerce that enables

customers to make direct purchases from sellers via the Internet (Tarhini et al., 2018).

In today's world, online shopping is the convenient answer to a hectic lifestyle. The method

that customers shop has undergone a significant transformation in the last ten years. Although

people continue to purchase goods from physical stores, they find online shopping to be highly

handy. Modern consumers benefit greatly from online buying because they are unable or unable
to spend a lot of time shopping due to their hectic schedules. (Esha, B., Sultana, N., Rahman, M.,

and Chakraborty, S., 2018)

Price Perception

Price is what is given up for obtaining a product. Price can serve as a feature sign for

some online consumers. Price perception is one of the important aspects of customers in making

purchasing decisions. The authors also mentioned that consumers' perceptions of price and how

much they value a product's actual cost are key factors in their decision-making. Understanding

how clients arrive at their price perception is the primary objective of marketing. Regardless of

age, education, income, or talent, we are all customers. As result, advertisers, distributors, and

salespeople face a significant barrier in understanding customer behavior.

Pricing plays a significant role in determining how satisfied seasoned internet shoppers

are (Yasri, Y., Susanto, P., Hoque, M.E., & Gusti, M.A. 2020). The consumer becomes more

demanding of financial gain when they are certain about the transaction. Competitive pricing

should be used to draw online users to the website and encourage them to make purchases.

Before making a purchase, consumers always look for competitive prices and compare with other

online stores (Hazrati Havidz, H.B., et al., 2020).

Price-Quality Relationship. It illustrates to be a specific credit through product

classification that the degree of the price signal is connected favorably to the rate of degree of the

product. Price-Quality relationship refers to the price is exactly matching the quality of the product

or service. In the marketplace, the price is viewed as the payment for the quality of a product

(Turza, 2022). Quality and price relationship is an important facet of brand positioning. If the sales

volumes for a particular product are lower than expected, or if initially high sales have noticeably

declined, brand positioning experts may be called in to help promote the product more effectively
to its target market segment – or to reposition the product so that it appeals to a more viable

market segment (Vörös, J., 2019).

The quality and price relationship are often one of the first factors brand positioning

consultants will consider when working to improve the marketability of a product. Studies have

shown that the price tag is often one of the first things potential customers will look at when

deciding whether to buy a product. However, it would be a mistake to assume that a lower price

will always automatically lead to higher sales. (Benyagoub, E., Guessas, B., et al., 2018).

Price Consciousness. Price greatly influences consumers' purchasing decisions.

Price consciousness consumers tend to be quicker decision makers than non-price conscious

consumers. An ordered legit model is employed to understand price conscious consumers'

purchase patterns and choice outcomes. Being price consciousness tends to reduce purchase

likelihood, ceteris paribus. Results are beneficial to retailers interested in targeting or catering to

the price conscious consumer (Rihn, Khachatryan and Wei 2018).

Several studies examine the factors that influence what is an acceptable price for a luxury

product. Using data from U.S. consumers, the model is tested across nine luxury product

categories. The results show that desire for status, price consciousness, and price-luxuriousness

inferences influence price acceptability levels (G Balabanis, A Stathopoulou 2021). Consumers

who are unwilling/unable to pay a higher price or primarily focus on a product’s price during the

decision-making process have been called “price consciousness”, “price sensitive”, “value

conscious”, “value oriented”, “price oriented”, “deal prone”, “thrifty”, so on (1-7) (Rihn et al., 2018).

Therefore, it is rational to assume that low prices levels of luxury label brands would be attractive

to the group of people who are price conscious.

Prestige Sensitivity. It represents to be an approval perception of price signal

according to the emotion of being noticeable and ranks that the increased prices indicate the other
people regarding the consumer (Casidy, 2020). Consumers who are highly prestige-sensitive

purchase an expensive brand not because of quality perceptions parse, but because of their

perception that relevant others will perceive the purchase decision as reflective of their traits and

socioeconomic status (Bao and Mandrik, 2020). Conscientiousness and prestige sensitivity as

personality traits, as well as the negative association between agreeableness and prestige

sensitivity among Generation Y consumers People who are highly extroverts, for example, value

social interaction and may pay more attention to their social self-concept (how others perceive

them) when choosing a fashion brand. Those with a high 'neuroticism' dimension and a low

'agreeableness' dimension may prefer reputable prestige brands as a safeguard against poor

quality or image (Sahiba Anand, 2020).

The concept of prestige sensitivity reflects buyers' beliefs that the chosen professional

service firm will improve the image of their company in the eyes of its key stakeholders. Customers

with high prestige sensitivity prefer to shop at prestige stores to enjoy "an instant expert

connection." (S. Roshdy, 2022). In terms of consumer purchasing behavior, prestige sensitivity

is defined as the price perception based on the high price of the purchased product. Consumers

with prestige sensitivity must consider product prices before considering the consumer's

understanding of product knowledge (S. Roshdy, 2022).

Price Mavenism. Price mavenism, which is connected to price-related information-

seeking and pricing-sharing activity, is frequently viewed as a bad aspect of price. Price mavenism

is described as the degree to which an individual is a source for price information for many types

of products and places to shop for the lowest prices, initiates discussions with consumers, and

responds to requests from consumers for market price information. Drawing on hedonic and

utilitarian value generation, this features deductively creates a model of both in-store price search

and store bargain proneness. The opportunity cost of time spent price-hunting is described in

terms of consumers' financial constraints and their position as pricing experts. Price mavenism
has a direct impact on shop deal proneness because it can provide the price information needed

to create and maintain a role identity, as well as an indirect influence since it affects the

opportunity cost of time spent searching for prices. The research's key conclusion is that

understanding pricing knowledge, the foundation for identity maintenance, as a flow rather than

a stock may be the best approach for examining the interaction between time, search, and price

mavenism. (Awais, M., Samin, T., Gulzar, M.A., Hwang, J., & Zubair, M. 2020).

Sale Proneness. Prior studies on external reference prices concentrated on the

characteristics that affect outcomes and the context in which they occur. Sale proneness simply

talks about the consumer’s currency in reaching the goods and services. Sale proneness is

combined with exactness in understanding the preferment and linked to the price reduction. The

literature has demonstrated the effectiveness of sale proneness in increasing transient sales.

While there are many studies on how sale proneness affects conventional items in western

nations, there are relatively few studies on how promotions affect green products and nearly no

studies in developing nations. The mediating effect of sale propensity in the purchasing process

is further examined in this study. According to the study's findings, consumers' preferences for

promotions differ quite a bit depending on whether they are buying green or non-green products,

and price reductions make consumers more likely to make a purchase, which has a negative

effect on consumers' willingness to pay for goods. The study has some theoretical and practical

ramifications as a result. (Avinash Tripathi, Neeraj Pandey 2019).

Buying Decision

The process of consumer buying behavior was the study's focus. The choice to purchase

something is not made immediately. Behind the seeming act of buying something lies a decision-

making process that wise businesses should investigate. According to Frederick Webster-

“Consumer buying decision is all psychological, social and physical behavior of potential
consumers as they become aware of, evaluate, purchase, consume and tell other people about

products and services.” As an example, the decision to purchase an inverter air conditioner could

come up as soon as the old one breaks and requires a costly repair. The consumer will investigate

the new inverter air conditioner on shop, assess features, pricing and advantages and ultimately

decide to purchase that product. How the consumer feels about after buying that product is also

an issue. If the consumer is satisfied with its operation, he/she will be more likely to purchase that

brand in the future.

The millennial generation is getting mature and exhibits unique behavioral responses and

marketing experts understood to respond to their needs. It is the responsibility of marketers to

research consumer behavior to fully comprehend not just the actual purchase decision but also

the other five stages that play out in this process. Buying decision varies widely depending on the

object being purchased, hence it is important to understand and research the various types of

choice behavior. Since consumer is the reason why any organization exists, it is necessary to

understand the consumer and study the pattern of his/her buying decision (Desai, N., &

Kankonkar, S.R., 2020). Online consumers will make purchasing decisions on products according

to the perception of price and quality needed (Rivai, J., & Zulfitri, 2021).

Perfectionism. In this trait, consumers are likely to have the attitude of being perfect.

Individuals are very keen to the quality of the product, and they seek for the best quality of a

certain product. Perfectionistic customers are likely to purchase more methodically and with

greater care. Often, they are not satisfied with good enough products and, thus, need to engage

in rather an elaborate search. It is assumed that consumers with high levels of perfectionism will

likely engage in extensive comparison shopping to find products that satisfy their needs. Striving

for perfectionism in consumption has many facets, including the tendency to perfectly rationalize

buying processes and to avoid mistakes by looking for objectively the best products to meet

personal high standards as well as standards taken from the family home (Makgosa, R., &

Sangodoyin, O., 2018).

 Brand Conscious. This trait measures consumers’ preference towards

purchasing the most expensive, well-known, widely advertised brands and can be

assumed to do so also when shopping online. If the focus is on well-known brands,

comparisons across various products based on product attributes become less

meaningful. The current study was conducted to discover brand consciousness, brand loyalty,

buying behavior, and consumer satisfaction among consumers. Thus, this can be described as a

support or feedback loop between brand loyalty and consumer satisfaction (Rabia, M., Babar, F.,

Akram, S., Arif, Z., & Tanveer, R., 2019). It indicates that with the addition of a brand

consciousness and buying behavior with brand loyalty, the components are more comprehended,

and the result of all the combinations is a better consumer satisfaction. According to Stewart, A.

(2019), brand consciousness or brand awareness indicates the psychological orientation of brand

names experienced by consumers when they are in a process before making a purchase.

Brand consciousness does not only contain knowledge about a brand or choosing a brand

among other trademarks, but also about the value of the brand itself, where the product has an

image, quality, and attributes that can distinguish it from other brands (Chandra, S., Amelia, D.,

& Ronald, D., 2021). Well-known brands offer consumers a sense of familiarity so that which

creates a connection between consumers and brands, where in the end consumers feel risk-free

when buying the brand (Kautish, P., Khare, A., & Sharma, R.K., 2020).

Novelty-Fad-Fashion Conscious. Consumers nowadays believe that up-to-date

styling and being fashionable is important to them. Novelty-fad-fashion is defined as new or

unique fashion products introduced into the market that gain traction and excitement from

consumers seeking and trying out the new fashion or fad. Some consumers can be described as

having complicated shopping styles. Before making any purchase decision, they frequently seek

referrals from friends (shopping-friend). Consumer who has this shopping style tries to reduce the

functional and social risk from the product they purchase by receiving numerous referrals from
other people. Decision style of consumers who like new and innovative products and who gain

excitement from seeking out new things. They are conscious of latest fashions and fads (Weldode

et al., 2018).

Social Media Influencers (SMI) are primarily used on Facebook, Instagram, and Twitter

these days (Arora et al., 2019). Influencer Marketing is a new strategy that is gaining in popularity

among companies (Kadekova & Holienčinova, 2018). The use of influential opinion leaders

(Influencers), celebrities, and a large number of social media followers to promote positive and

ethical responses to their followers/ consumers (Riefa, & Clausen, 2019).

Value Conscious. Value consciousness is the concern that people have with paying a

cheap price for a given quality good or service, while sale proneness is the inclination to act on

offers to buy things in the form of coupons (G. Balabanis, 2021). Individuals search up shop for

lower prices, and sale prices, and shop wisely since they are concerned about the cost. Value-

conscious consumers base their purchasing decisions on the product's qualities, the value it

offers, and its level of quality. This inspired us to extend the relationship between value system

and consumer behavior to financial competencies and analyze money-related decisions and

validate the existence of a relationship between individual value orientation and financial

decisions. The results of the research can also show the direction of those involved in education,

how to improve the financial knowledge of young people, and how to shape their attitude towards

money efficiently and target-oriented (Garia-Fodor, 2018). They give significance to what's best

for their money. Also, to ensure that their purchase is worthwhile. While searching the ‘web’ for

products, value-conscious consumers are motivated to purchase products based on the price, so

if the price is too high, a consumer may dismiss his/her choice entirely and seek a brand with a

better price. Therefore, the study posits that value-conscious negatively influences brand loyalty

(Esmail et al., 2018).

 Brand Loyal. A person is more likely to be brand loyal if they have a positive outlook

on specific brands. Consumer loyalty will be defined in this work as the consumer’s loyal attitude

and behavior towards a particular company providing services, or products, despite competitors

providing alternative services on the market (Haziri et al., 2018). Brand loyalty can be measured

by distinguishing sequential purchase occasions and observing which brands are purchased. If a

person sticks to a single brand, his behavior can be described as brand loyal. Brand loyalty is

developed when customers' expectations are satisfied by the purchases they make, resulting in

frequent or at least regular repurchases from the same brand (Mwabu & Munyuki, 2022).

When a consumer continues to buy from your company, it is not because you are the only

option, but because they trust your business. Brand loyalty is not only directly or indirectly

influenced by emotional attachment antecedents such as perceived quality, perceived value,

customer satisfaction, and perceived differentiation but also directly affected by brand trust

(Altukar, 2020). Brand loyalty behavior is defined as a commitment to make a second or more

purchase, and it can be viewed as consistent support for the preferred product or service that will

continue in the future, even if a situational effect and marketer effort have the potential to shift the

behavior (Afriani et al., 2019). In sum, brand loyalty to the company is a strategic asset that has

been found a significant contributor to the brand's equity.

Theoretical and Conceptual Framework

According to Jin, Byoungho & Sternquist, Brenda, price perception is known as the

process of price interpretation and valuation of product and services by consumers. Price

perception of consumers has five features: price-quality relationship, price consciousness,

prestige sensitivity, price mavenism, and sale proneness. Price is also one of the most significant

factors that can affect consumers decision on online shopping. Price perception is the method by

which consumers translate prices into meaningful mental cognitions and this aspect had

concerned researchers for several decades. On the other hand, buying decision style traits is the
determination of whether it is more valuable to make a particular item to buy it from a seller. How

the consumer collects data influences the choice of style traits he/she preferred.

A consumer’s decision creating style is the sum of the traits he or she possess. These

style traits can be described as perfectionism which measures a high-quality consciousness style

includes consumers who search for the best quality products, and brand consciousness measures

consumers’ orientation towards buying more expensive and well-known brands. Another style

trait is novelty-fad-fashion conscious includes consumers who are up to date with styles or the

ones who interested in new products. Aside from that, value conscious consumers who have a

very conscious both of low price and receiving the best value for money. Moreover, consumers

who have favorite brands and stores, who have formed habits in choosing these repetitively is

called brand loyal.

INDEPENDENT VARIABLE DEPENDENT VARIABLE

PRICE PERCEPTION BUYING DECISION STYLE TRAITS

Figure 1. Schematic Diagram showing the Variables of the Study

Figure 1 shows the independent variable (Price Perception) and dependent variable (Buying

Decision Style Traits) used in the study. In this study, the features of price perception and types

of buying decision style traits of consumers were collected.

Significance of the Study

The main objective of the study is to determine the relationship of the price perception and

buying decision style traits of consumer. More specifically, this study is great benefit to the

following participants of the area.

Online Sellers. Business planning is a usual task of companies, which involves studying

how the market behaves to offers and tactics. With this, the study is beneficial because it will

become a basis for online sellers to know what activities as well as products to offer in their stores

via online in accordance with the general behavior of the market.

Online Consumers. The findings of the study allow the significance of the different

behaviors investigated in choosing a product to diminish the risk in buying decisions through

online.

Future Researchers. The outcome of the study is beneficial to future researchers. This

study might serve as a resource material that a new hypothesis in learning will arise about price

perception and buying decision style traits of consumers.

Definition of Terms

This section presents the key terms that are used in this study. The researchers’ interest

is to provide a shortened definition of terms to present a clear understanding of the various

phrases defined both theoretically and operationally as used in the study.

 Online Shopping. As used in the study, the term refers to the process of purchasing

goods, services, and other items directly from a seller over the Internet without the need of an

intermediary provider. Consumers can access web retailers from the comfort of their own homes

and shop just as if they were sitting in front of a computer (C. K. Sunitha, 2022).

Price Perception. As used in the study, the term refers to how the buyer analyzes and

evaluates the price of a product. The term is defined as the process of price interpretation and

valuation of products or services by consumers. Price perception of consumers has five features:

price-quality relationship, price consciousness, prestige sensitivity, price mavenism, and sale

proneness.

Buying Decision. As used in the study, the term describes how the consumer recognizes

a need to decide. The term is specified as the determination of whether it is more beneficial to

purchase a particular product (Business Dictionary). The traits can be described as perfectionism,

brand conscious, novelty-fad-fashion conscious, value-conscious, and brand loyal.

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