1.0 Introduction

The research is done to focus on the impact of pricing aspect within the field of marketing management for influencing the purchasing behaviours of consumers considering the business organisation named Hennes & Mauritz AB in Sweden. The company is a major clothing retail company that has been specialised in the delivery of fast fashion clothing for men, women as well as the children and teenagers. The company has managed to operate in over 62 nations and has over 4500 stores all around the world with more than 130000 employees working at the company. Considering the field of research study, the prices set for the products and services have created significant impact on the way consumers behave or act while making purchases o products and services (Solomon et al., 2014). The mind sets of the customers are needed to be influenced, which can allow for setting prices accordingly and at the same time, ensure higher level of customer satisfaction and increased numbers of sales too. The pricing structure set for the products and services is also responsible for targeting the right market segments and at the same time, helped in influencing psychological behaviours or mind sets of people and can make them remain inclined towards the brand and its products and services effectively too (Zhang t al., 2013). It is also found that the price component associated with the quality management aspects can also create significant positive impact on the way purchases are made by the consumers.

1.1 Research background and purpose

Considering the changing trends within the fashion and clothing industry, the introduction of new clothing items has gained popularity in the market and at the same time, helped in influencing the modern consumption patterns and behaviours of the consumers. The prices set for the products with the consideration of quality can also allow for transforming the modern consumption patterns and behaviours, furthermore, created higher level of engagement of customers from different market segments (Moser, 2015). This approach setting the prices has the ability to influence or change the motivation of consumers regarding purchases, furthermore, ensure higher purchases of clothing goods and fashion items by the consumers (Tingchi et al., 2013). The purpose of the research is to determine the impact of pricing on the consumers’ buying behaviours and purchasing decisions for the brand named Hennes & Mauritz AB in Sweden.

1.2 Rationale of the research

The rationale of the research demonstrates the problem experienced, which focuses on the effect of pricing on the way consumers behave or make decisions regarding the purchase of products and services from H&M in Sweden.  The main issues or problems can be the high prices set for the products and services, which can often de-motivate the consumers to make purchases effectively (Rödiger & Hamm, 2015). The consumer psychology and pricing are related to each other, because with the right pricing strategies implemented and right prices set for the products and services, the consumer psychology is often influenced, which can not only influence the mind sets of individuals, but will also encourage them to make decisions regarding purchase. This will surely resolve the issues and problems faced and also result in making the business organisation to prioritise on the marketing management to evolve the perceptions of consumers regarding purchases made (Goh & Bockstedt, 2013).

Outline of the study

Based on the overview of the research topic, it is believed to explore the various aspects of pricing and its relation to marketing for creating awareness among the consumers and influence their buying behaviours largely. The introduction chapter provides an overview of the research topic and the objectives, research questions and hypothesis have been formed, which can be kept into consideration while progressing with the research (Mohan, Sivakumaran & Sharma, 2013). This will also allow the researcher to progress on with the remaining portion of the research study, furthermore, ensure that the research progresses smoothly and make sure to collect and analyse data correctly to address the research objectives and bring positive outcomes.

1.3 Aim of the research

The research aims to determine the impact caused by the pricing component in marketing to influence the buying behaviours and purchasing decisions made by the consumers for H&M, Sweden.  

1.4 Research objectives

The objectives of the research are as follows:

• To identify the impact of pricing component in terms of marketing for influencing the buying behaviours and purchasing decisions made by the consumers of H&M, Sweden  
• To evaluate various approaches and strategies associated with the setting of right prices for the products and services of H&M, Sweden  
• To assess the probable effects of applying suitable prices for the fashion and clothing goods of H&M that are believed to create positive perceptions among the customers based on their buying behaviours
• To recommend necessary measures for improving the application of pricing strategies and make sure to draw in enough customers for higher revenue generation and attainment of competitive advantage in business as well

1.5 Research questions

• What is the probable impact that can be caused with the consideration of pricing component in terms of marketing for encouraging the customers to make their decisions regarding purchase of H&M products and services within the fashion and clothing sector?
• How does the various approaches and strategies related to pricing evolve the consumption patterns of consumers within the fast clothing sector of Sweden?
• Does the application of right prices and implementation of accurate pricing strategies link with the perceptions of consumers that they have for the products and services of H&M, Sweden?
• What kinds of measures are recommended for the company to facilitate its market presence, enhance its brand reach and awareness, thereby, influence the purchasing behaviours of clients largely?

1.6 Research hypothesis

H0: The pricing component in the marketing management field does not create any impact on the consumers’ buying behaviours and purchasing decisions made by them for H&M, Sweden.

H1: The marketing management field comprising of the pricing aspect has been found to influence the mind sets of customers and encouraged them to make decisions regarding purchase of the fast fashion goods and services of H&M, Sweden.

1.7 Structure of the research 

The structure of the research has stated below:

Introduction

Literature review

2. Literature review 

2.1 Introduction 

This section sheds light on the scholarly review on the impact of pricing component on influencing the purchasing behaviour of the consumers. At the initial stage, the general concepts are defined for establishing crucial linkages between the variables. Along with this, conceptual framework is provided for summarizing the propositions. Apart from this, research gaps are listed for enhancing the awareness of the readers regarding the limitations, which obstructs the research for attaining completeness. Critical evaluation of the scholarly articles is assistance in terms of deducing relevant facts, ideas and concepts regarding the impact of pricing on the purchasing behaviour of the consumers. This is done through the means of incorporating theories and models for achieving deeper understanding about the topic.

2.2 Discussion

2.3 Conceptual framework

Fig: Conceptual framework

(Source: Created by the author)

2.4 Concept of pricing

As per the arguments of Barillas and Shanken, (2018), pricing is the activity, which is a means for selling the products and services to the clients and the customers. This pricing is considered to be one of the essential components of the marketing plan. The scope and arena of the pricing covers manufacturing costs, marketplace, competition, market condition, brand, quality among others. Financial modelling is used for scanning the feasibility of the product within the current financial situation. Along with this, Armstrong and Vickers, (2018) is of the view that pricing is one of the important components of marketing mix with product, place and promotion. These factors contribute in reducing the elasticity of price, setting the grounds for increasing sales revenue and profit margin.

Alaei et al., (2018) highlights different types of pricing, which are premium, penetration, economy, skimming, psychological, captive product among others. Premium pricing is used in terms of achieving higher competitive advantage than the competitors. Penetration pricing is application in case of expanding the scope and arena of the business into the foreign markets. In order to practice economy pricing, low cost approach is needed. Here, Herskovic, (2018) states that the main aim is to set low prices for attracting large number of clients and customers. However, Auer, Chaney and Sauré, (2018) is of the view that focus on niche marketing through high price sensitivity yields positive results.

On the other hand, Alaei et al., (2018) sheds light on the skimming pricing methods, which is used by the brands for gaining maximum revenue advantage for averting the threats of substitutes. Captive product pricing is used for calculating the utility value of the product through the consideration of the core and the captive product. In this context, Brenner and  Izhakian, (2018) highlights the pricing methods, which are used by the brands for delivering the products and services to the customers. As a matter of specification, there are four types of pricing strategy, which are based on cost, demand, competition and others.

As stated by Gelderman et al., (2019), cost plus pricing and mark-up pricing are the two main components of the cost based pricing.  Cost based pricing is the method in which some percentage of the expected profit margin is added to the product cost for calculating the final price of the products and services. According to Khachatryan et al., (2018), this pricing method is advantageous, as it required minimal information, assuring the sellers of unexpected alterations in the costs.

2.5 Concept of purchasing behaviour

The behaviour exposed by the consumers towards undertaking decisions towards spending on the available resources. Xu, Prybutok, and Blankson, (2019) is of the view that consumer behaviour is importance in terms of identify the target market, which is crucial for executing the marketing mix. In this context, Cerri, Testa and Rizzi, (2018) brings different perspectives into the context, which pertains to the different roles assumed by the customers. One of the perceptions is that the consumer is the ‘king’. The other perception is the awareness and acquaintance towards the behaviour, which the consumers would expose on the purchase of products and influence of the consumer behaviour. As argued by Njeru, (2017), understanding the reasons behind the purchase is the essence of the marketing process. This understanding is vital for deciding on the ways and means for fulfilling the specific needs, demands and requirements of the clients and the customers.

According to Zhao, Zhu and Cui, (2018), consumer buyers and the individual buyers are clearly demarcated. Consumer buyers are designated as persons who make purchase for fulfilling the needs of personal usage. On the other hand, individual buyers are the persons making the purchases on behalf of the organizations. The questions governing the purchases are: Who buys?, How do they buy?, When do they buy?, Where do they buy? and Why do they buy? In this context, Foubert et al., (2018) sheds light on the consumer decision making process, which is a relevant concept. The stages revolving around the decision making process are problem identification, information search, identification and evaluation of the alternatives, purchase decision and post purchase behaviour. Within this, Koschate-Fischer et al., (2018) highlights the cultural, social, psychological and personal factors, which governs the behaviour towards the purchase decisions.

Price or spending capability depends on the income, lifestyle of the consumers. Just and Gabrielyan, 2018) highlights the factors of motivation, perception and attitude, which help in undertaking crucial decisions for making the purchases. Motivation encourages the buyers to take decisions regarding the purchases. In this context, mention can be made of learning, which reflects the learning about the market conditions and concretizing the experiences through the exposure of certain behaviours.

In the arguments of Martenson, (2018), the different types of consumer behaviour is highlighted. These behaviours are defined as complex, dissonance buying, habitual buying and variety seeking. Complex buying behaviour relates to the process of seeking an insight into simplified solutions for making the decisions for purchasing the products and services. In this case, transformation is seen in terms of gaining knowledge about the complexities prevailing in the transactions. On the other hand, Zhuang, Leszczyc and Lin, 2018) highlights that dissonance buying behaviour lacks the awareness of the differences in the choices for selecting the brand yet the involvement in the purchase is high. Habitual buying needs little information search, as there is awareness about the dynamics of the market transactions. Low cost of the products and services is ease in terms of undertaking crucial decisions for making the purchases.

According to Zhao et al., (2019), variety seeking buying behaviour comprises of low consumer involvement. The difference in the brands services are perceived in a broader perspective. In this context, Zhuang, Leszczyc and Lin, (2018) brings the alterations in the preferences for possessing branded quality products.

2.6 Impact of pricing component on the purchasing behaviour of the consumers

According to the arguments of Njeru, (2017), pricing strategies are crucial for achieving greater understanding about the choices persisting in the products, stores, amount and time. These strategies form a central doctrine for achieving higher competitive advantage over the contemporary brands. Discounts in prices is one of the means through which the purchasing decisions of the consumers can be increased. In this context, the focus is on the customers with high spending capacity. Preference acts one of the crucial factors governing the purchasing decisions. Pricing strategy also influences the perceptions and decisions towards quality, value and sacrifices for purchasing the products and services.  

Segmentation of the customers into price seekers, price shoppers and cherry pickers is assistance in terms of gaining a deeper understanding of customer behaviour. In this context, Martenson, (2018) designates the cherry pickers as those, who focus on the price promotions. For these type of customers, the purchases are done in an optimistic manner, which accelerates the approaches towards making the purchases. On the other hand, price shoppers are those who look for reasonability in the prices instead of gaining awareness about the updates on alterations on the prices. Time constrained shoppers are those, who have high spending capacities and opportunities for making the purchases.

As argued by Just and Gabrielyan, (2018), for the development of pricing strategy, acquaintance with the pricing perception is needed for mapping the sensitivity towards pricing. Price sensitivity, individual preferences, product type and direction of the price changes adversely affects the individual choices and preferences of the consumers. In this context, the important aspects to consider are attractiveness, cheaper alternatives and variety. Consumer perception of difference in the prices is limited and sudden alterations within the given stimulus is represented statistically for mapping its value within the given conditions.

In the arguments of Koschate-Fischer et al., (2018), pricing has been considered as one of the patronage motives towards making the purchases and formulating decisions for it. Monetary gains is accounted as a rational motive, as the need is wish fulfilment. Before increasing the prices of the products and services, the consumer behaviour needs to be studied. This step involves the risks of customer turnover. If the customer is given with a choice to choose within the products of the brand and the competitors, the customer base gets weakened, compelling the brands to encounter significant losses. On the contrary, low prices of the products and services have different impact of the purchasing power and decisions of the customers (Foubert et al., 2018). For example, the customers, who are price conscious would search for price breaks and focus on the items with cheap rates. Suspicions regarding low prices is also accounted within the possibilities of low quality.

According to the arguments of Zhao, Zhu and Cui, (2018), deciding on the impacts of price on the consumer decisions of the customers is filled with uncertainties. In order to cope up with these uncertainties, price research is an effective and rational approach for scanning the approaches of the clients and the customers. At the initial stage, checking the prices set by the competitors is a planned and reasoned approach. Determination of the cost and average industry mar up s also needed for calculating the profit margin. In this context, (Njeru, 2017) is of the view that using systems and devices is useful for tracking the behaviour of the customers in accordance to the alterations, which come within the price. Smaller operations like recording the sales operations at the price point can ce carried out through the help of spreadsheets. On the other hand, larger operations require software for mapping the approaches.

According to the arguments of Cerri, Test and Rizzi, (2018), competitive pricing enhances the process of information search for the consumers. At the initial stage, the competition needs to be cut, so that the focus can be established on narrowing the profit margin. Expanding the sales revenue is one of the means for bridging the differences within the choices and perceptions. On the contrary, Xu, Prybutok and Blankson, (2019) is of the view that using odd numbers in a price enhances the value of e-business. This approach is assistance for the customers to save money, which they can use in other areas. Attempts towards reducing the price further seems to be fruitful for attracting large number of customers.

Khachatryan et al., (2018) is of the view that cultural issues also affects the consumer buying behaviour. The etymological origin of this is the religious orientation, which shapes the notions of the people about the issues in their surroundings. The perceived need in this context is that of need satisfaction, which is enhanced through the means of motivation and encouragement. Mention can be made of Maslow’s hierarchy of needs, according to which, self-actualization attains primary position in terms of undertaking the decisions related to making purchases. On the other hand, Gelderman et al., (2019) states that if the price is lower than that of the competitors, there can be an increase in the sales. If the price is higher than that of the expectations, the results can be something other than the expectations.

2.7 Theory

2.7.1Adaption level theory

This theory attempts to establish crucial linkages between the consumer buying behaviour and pricing strategies. In this context, Brenner and Izhakian, (2018) mentions about the principles, which governs the purchasing behaviour. The primary principle in this context is the relativity of the price perceptions to other prices. The second principle states the different reference to prices within the product categories, which are based on the standards and quality of the products and services. The third principle states the aspect of indifference within the price. Here, inverse proportion is established between the alteration in the prices and the perceptions of the customers. In this, culture plays an important factor in terms of assessing the notions of the customers in terms of the surrounding market conditions. Alaei et al., (2018) argues that cultural symbols play an important role, which reflects the differences in the notions and perceptions formed on the pricing strategies adopted by the brands.

2.7.2Theory of reasoned action

This theory pertains to the psychology behind the behaviour exposed by the customers upon making the purchases. As a matter of specification, this theory provides a clearer understanding about the different behaviours, which contribute in shaping the purchasing decisions. Typical parameters of this theory are social and psychological, which are the important domains in the behaviour of the consumers. External factors compels the consumers to adopt an overt behaviour. According to Auer, Chaney and Sauré, (2018), this theory is assistance in terms of estimating the behavioural changes in the decisions of the customers upon making the purchases. This estimation aligns with the strategic management for dealing with the mechanisms in the transactions.

2.8 Model

2.8.1Economic or Marshallian Model 

The main essence of this theory lies in the considerations of consumers are rational and conscious towards economic calculations. In this context, the principles of marginal utility is considered. In case of the individual buyer, the utility is the main aspect of the decision making towards making the purchases. Along with this, Herskovic, (2018) is of the view that satisfaction is also important for evaluating the purchase interest according to the interest. This theory is an effective tool for determination of the income, its distribution and level, which are crucial domains for shaping the purchasing power of the consumers.

2.8.2 Buyer behaviour- Stimulus Response Model

This model consists of marketing stimuli, buyer responses and other factors, which shapes the decision making process. Within this, Armstrong and Vickers, (2018) sheds light on the stimuli of price, which relates to the response based on the choices within the product, brand,, dealer, time, amount and others.

2.9 Research gaps

This research attempts to conduct a research on the impact of pricing on the consumer buying behaviour. Pricing is a multi-faceted singularity, and there are no standard ways of measuring pricing strategies and their effectiveness with standardised methods across different industries. In light of the past literary sources, it can be seen that authors have suggested that pricing strategies are critical for the sustainability of modern organisations, but there is lack of standardisation across all industries, and this study aims to derive a standardised model which can be used to assess the pricing strategies across all the industries. Moreover, the research will also aim to address this gap by considering the change in consumers in the past few years. Income, being a demographic variable is expected to have a significant mediating role in developing a conceptual model.  Moreover, there is lack of research on the topic is Swedish clothing retail and the study would use the new conceptual model to examine the pricing strategies of H&M to understand the behaviour of their consumers.

3. Search process

In light of the research process, assessment of information sources is a critical factor in achieving success. The reliability and validity of any research paper and its suitability to the current project has to be evaluated.  Furthermore, both print and websites sources show variation in terms of authority, accuracy, objectivity, currency and coverage (Verma et al., 2017). These five factors have been developed into a suitable method in analysing material suitable for the research and known as the AAOCC criteria. In case of print sources, the quality standards are controlled through a system of balances and checks by performing peer review. The academic articles in majority of the cases and times are meant to have highest level of quality. However, past researches have shown lack of quality in various articles which has impacted future studies (Gálvez, 2018). On the contrary, in case of web journals and articles, there are no control systems and any persona can put up content on web pages. Therefore, it becomes highly crucial to examine web contents before using them as they lack particular format with hidden agendas, commercial promotions, biases and distorted perspectives. Moreover, there are no permanent addresses to websites and one the original post is taken down or moved, it cannot be tracked.

Therefore, this five criteria has been used to check the quality of the sources and the AAOCC has been described below (Gálvez, 2018):

Authority: It is essential to check the credentials of an author and his/ her background, expertise and publication of the research.

Accuracy:  The next part is check the accuracy of the journal identified and whether the information provided is specific or not. The data and information have to be based on analyses, measurements, interpretations, observations and conclusions (Verma et al., 2017). Moreover, the information collected should be verifiable and method of scientific research has been described in detail in the research. In case of websites, it is crucial to check the format, punctuation, grammar and reliability of the document.

Objectivity:  It is necessary to evaluate the journal or web article for biasness. The research paper needs to make highest level of objectivity which examines the biasness of the topic and content towards any aspect (Coccaro-Pons, 2018). Therefore, it is essential to check whether the author provides single point of view instead of multiple dimensions.

Currency: It is key to consider timeline of a research as research performed three decades back may not have any relevant contribution to the research due to the change in the global scenario and new discoveries made in the field of research (Gálvez, 2018). Therefore, it is necessary to check the date of both the journal and publication date of web article to understand its relevance to the current research.

Coverage: Finally, coverage is the final criteria which needs to be talked about which states that whether the information is sufficient to cover the topic of research (Coccaro-Pons, 2018). There are papers which may offer only minimal information relevant to the research topic so papers and web articles having in depth data on the current research should be used for the current study.

The research has used non probabilistic sampling method to collect secondary sources from journal articles and the below mentioned search engine has been used:

• Google, https://www.google.com/
• Google Scholar, https://scholar.google.com/
• ProQuest, https://search.proquest.com/login
• JSTOR, https://www.jstor.org/action/showLogin
• EBSCO, https://www.ebsco.com/

The following keywords were chosen and used to identify relevant articles for the research:

• Pricing strategies
• Consumer buying behaviour
• Purchase decision
• Pricing components
• Customer perception and attitude
• Pricing strategies in clothing retail

Process

Tingchi Liu, M., Brock, J. L., Cheng Shi, G., Chu, R., & Tseng, T. H. (2013). Perceived benefits, perceived risk, and trust: Influences on consumers’ group buying behaviour. Asia Pacific Journal of Marketing and Logistics, 25(2), 225-248.

In case of this journal, relevant information on all the authors were available. The biography of the authors were present and their expertise on the research topic could be verified. The accuracy of the journal can be understood by the fact that it has been peer reviewed and it offers high level of reliability and validity. It signifies high level of precision and accuracy. Moreover, the data collected in the study can be used for other studies which would help in reproducing similar results. The process has then measured the objectivity of the journal and found that the authors have provided multiple angles and point of views to address all the dimension of the study. It signifies highest level of objectivity in an investigation. Moreover, in terms of currency, the research was published in 2013 and performed within the last decade which shows that the information is current and it can be used in this research. Finally, the last point is coverage and the research paper which identifies the broad area covered by the research. The above journal has examined all the factors and elements that influences the purchasing behaviour of the consumers and covers a noteworthy aspect of the current research. Thus, this peer reviewed journal has been chosen in the research.

The research has chosen 34 peer reviewed journals and articles from the overall collected 58 journals relevant to the research topic. The majority of the journals which were removed was due to their biasness and presentation towards a particular aspect. There were journals where lacked authenticity and the background of the authors could not be verified. Moreover, there were articles that lacked to the research topic as the perception of consumers have changed significantly in the past decade and any paper before 2010 would not provide the current scenario which will adversely affect the current research.

The chosen articles were current and included data relating to pricing strategies in retail industry and factors affecting the purchasing behaviour of the consumers.  These articles have used various methods both quantitative and qualitative to measure the different factors affecting the buying behaviour of consumers and the role of pricing strategies within them. Moreover, it also as pricing is a complex process, there are multiple dimensions to it and there is lack of standard practice of pricing in various organisations. Therefore, the analysis of the literature was able to highlight the key gap in the given literature.

4. Conclusions and Discussion

The research was done to prioritise on the impact of pricing component in terms of marketing to influence the buying behaviours and purchasing decisions made by the consumers within the fashion and clothing sector. The objectives of the research were to determine the impact of pricing, approaches and strategies of pricing and how the application of pricing approaches could result in consumer perceptions regarding the products and services delivered by H&M, furthermore, ensure that their consumption patterns and behaviours are influenced to make purchases from the company. The description was able to critically highlight the AAOCC criteria of choosing journals and articles. The overall search process was described along with the key terminologies used to derive the articles.  The study provided the vivid analysis of the process of identifying relevant content for the performing the critical review of literary sources.  

Based on the discussion of the research according to the articles screened and tested for drawing relevant information and data, it has been found that in most of the cases, pricing has always been a major contributing factor to the influence on consumers’ buying behaviours and purchasing decisions. From the statements provided by various authors, it has also been found that the change in prices set could bring unexpected results as well as positive outcomes in the form of encouragement of decision making by the customers. Prior to setting the process, it must be kept in mind that the consumption patterns and behaviours must be understood properly. This would allow for setting the right prices for the products and services available within the clothing ad fashion sector, furthermore, make sure to set competitive prices so that the customers do not switch on to some other brand. The prices could also be kept high considering the demands an expectations of customers in the marketplace, which should also make the company set prices according to their needs, though without compromising on the quality of products and services delivered by H&M in Sweden.  

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