FACTORS THAT INFLUENCE PRICE RECALL ABILITIES OF CONSUMERS A CASE STUDY OF NAZARBAYEV UNIVERSITY

Abstract

We have found that people can either forget or recall the prices of the products they have just bought for various reasons and among them, there are a few unexpected factors. The number of products a person has just bought, their age, whether they always check the prices to be sure they get the best value, and if they plan before they shop - those are significant factors that impact the people’s ability to successfully recall the prices. However, if we focus on locations, grocery stores, such as Ailin and ex-Vesna become significant, as the biggest number of people fail to recall the prices in these locations on the campus of Nazarbayev University. We have decided to focus on the campus of Nazarbayev University, where numerous stores, shops, and coffee shops are located, which all have different prices for similar or the same products. The demographics of the campus are also favorable, representing almost all age groups of adults. Particularly, the analysis will be focused on how widespread this phenomenon is; how the people at Nazarbayev University cope with it; what differences could be found between different demographic groups; and what effect the technologies are having on this problem. To conduct this research, we have collected data (300+ responses) to analyze the limited memory of consumers on the university campus, as well as to conclude if there is a correlation between demographic features and consumer behavior. The discussion of limited memory at Nazarbayev University campus is important since it may lead to the occurrence of price dispersion, and the different pricing for the same products across shops. This research will be beneficial to the research field, as it will contribute to the general literature concerned with consumer behavior since the campus presents a unique opportunity to study a variety of firms and consumer groups.