How Perceived Price Fairness Affects Customer Satisfaction
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- NGN 5000
Background of the study
Perceived price fairness is a critical factor influencing customer satisfaction and overall brand perception. When consumers believe that prices are fair relative to the product’s value, quality, and market alternatives, they are more likely to be satisfied with their purchase and remain loyal to the brand (Chin, 2023). Conversely, perceptions of overpricing or unfair pricing practices can lead to dissatisfaction and diminished trust. Research suggests that transparent pricing strategies, coupled with clear communication of value, can enhance perceived fairness and, in turn, boost customer satisfaction (Adeniyi, 2024). This study explores the relationship between perceived price fairness and customer satisfaction by analyzing consumer survey data, examining case studies, and reviewing pricing practices across different market segments. The goal is to identify the factors that contribute to perceptions of fairness and determine how these perceptions influence overall satisfaction and repurchase behavior. Insights from this study will provide valuable guidelines for marketers aiming to optimize pricing strategies to enhance customer satisfaction (Okeke, 2025).
Statement of the problem
Many companies struggle with maintaining perceived price fairness, which can negatively affect customer satisfaction. When consumers feel that they are paying more than the value offered, dissatisfaction increases and can lead to lower brand loyalty. Despite its importance, there is limited research on how perceptions of pricing fairness directly influence customer satisfaction, leaving brands with insufficient data to guide their pricing strategies (Chukwu, 2023).
Objectives of the Study
To assess the impact of perceived price fairness on customer satisfaction.
To identify key factors that shape perceptions of pricing fairness.
To recommend strategies for improving price transparency.
Research questions
How does perceived price fairness influence customer satisfaction?
What factors contribute to perceptions of pricing fairness?
Which pricing strategies can enhance customer satisfaction?
Significance of the Study
This study is significant as it investigates the effect of perceived price fairness on customer satisfaction, offering insights for brands to optimize their pricing strategies. The findings will help improve customer satisfaction and loyalty through more transparent pricing practices (Ibrahim, 2024).
Scope and Limitations of the Study
The study is limited to selected product categories and focuses on perceived price fairness and its impact on satisfaction. It does not extend to all industries or global markets.
Definitions of Terms
Perceived Price Fairness: Consumers’ assessment of whether a price is reasonable relative to value.
Customer Satisfaction: The degree of contentment experienced by consumers after a purchase.
Pricing Transparency: Clarity and openness in communicating prices.
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