Published by MBA Skool Team, Last Updated: April 03, 2016
What is Price Conscious?
Being price conscious means knowing how much an item would cost and avoiding buying things which are expensive for them. They generally see value for money and are value conscious too. They seek lowest price for the products they buy. They are a segment of buyers. They always lookout for best prices.
They are more price sensitive too mostly. The variation in price will affect their purchasing behavior. The degree to which the price of a product affects consumers purchasing behaviors differs a lot among different products and customers.
People are generally price conscious for homogeneous goods since they look the same everywhere. A good example is gasoline. People become price conscious to pay extra few cents for gasoline.
Price conscious people generally wait for discounts especially in goods like cars where they are planning to invest more and get the best deal for them. They wait for end of sales and festival offers.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
Browse the definition and meaning of more similar terms. The Management Dictionary covers over 2000 business concepts from 5 categories.