Tjarks, Steen; (2018) The ‘Big Four’ price promotions in predicting decision utility and efficacy. Doctoral thesis (Ph.D), UCL (University College London).

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Abstract

One way that retailers help the consumer make choices is via promotions – price framing methods that explicitly offer a price reduction of value for money off the regular retail price (RRP). However, there is a growing body of research that has indicated that merely the word ‘promotion’ or ‘deal’ can increase purchase intentions despite the deal offering no savings. Despite these findings, almost no research has quantifiably considered which, how and to what extent different promotional methods can bias decisions. Furthermore, very little is known about how consumers go about making promotional decisions or which psychological factors impact the decision-making process. Considering a broad range of decision-making frameworks and psychological theories, this thesis aims to explore the extent that promotional practices influence decision-making outcomes. Furthermore, it will consider how psychological traits like financial literacy, experience and brand relationships moderate any found effects. To achieve these objectives the effect of the four most common promotional practices on decision utility will be tested in light of: the previous literature on decision-making and promotions (Chapter 1); expert interviews describing the traits or behaviours important in developing promotional strategies (Chapter 2); the effect of information processing on promotional decision making (Chapter 3); how prices are internalised (Chapter 4); and consumer relationships (Chapter 5). Finally, the results of each chapter will be used to create and test a framework of promotional decision-making. Creating and testing this framework in an experimental and more ecologically valid setting, i.e. a virtual supermarket will be the sole purpose of Chapter 6. The aim of creating and validating the framework will be to significantly contribute to: academia, by adding some novel research to the growing promotional literature; and practice, by considering how the practices specific effects to decision making can impact fair pricing practices and consumer education.

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