Are you what you pay? Analysis of price knowledge and consumer profiles

Abstract

the present research addresses the diversity of traits in the Mexican retail market, aiming to find fundamental common attributes among consumers in retail stores. Aim: To examine differences in preferences among various consumer segments regarding pricing strategies implementedby a supermarket and their role in fostering a transformative experience. Five prosperous consumer segments are highlighted: i) myopicswitcher light, ii) strategic switchers light, iii) myopic switchers heavy, iv) strategic loyal heavy, and v) myopic loyal light. The application of thesegmentation approach allows decision-makers to discern more accepted strategies in each segment, easing an understanding of how to effectively address the distinctive characteristics of consumers. This informed approach supplies a valuable framework for specialists and marketing decision- makers, enabling them to adapt specific strategies grounded regarding the diverse preferences exhibited by consumers in the Mexican retailsector. The research highlights the feasibility of adopting market segmentation-based pricing strategies in various regions, providing practicalmilestones to streamline the implementation of pricing tactics in the Mexican retail context.