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Does managerial personality influence pricing practices under uncertainty?
Linköping University, Department of Management and Engineering, Industrial Economics. Linköping University, Faculty of Science & Engineering.
2017 (English)In: Journal of Product & Brand Management, ISSN 1061-0421, Vol. 26, no 7, p. 771-784Article in journal (Refereed) Published
Abstract [en]

Purpose - While marketing and management research suggests that managers individual characteristics influence pricing decisions, the influence of personality traits in this context remains unclear. This study aims to explore the relationship between the five basic personality traits of the five-factor model (extraversion, conscientiousness, openness to experience, agreeableness and neuroticism) and three basic pricing practices (value-, competition- and cost-informed). Design/methodology/approach - On the basis of a non-experimental decision-making scenario, the analysis examines the pricing decisions of 57 managers in relation to a new business service. Findings - The results suggest that managers conscientiousness and openness to experience are positively related to preference for value- informed pricing. Similarly, managers agreeableness is positively related to preference for competition- informed pricing and managers openness to experience and agreeableness are positively related to preference for cost-informed pricing. Research limitations/implications - The cross-sectional study design does not support causal inference, and the modest sample size may limit the external validity of the findings. Practical implications - By increasing awareness of the influence of personality on pricing preferences, the findings are of relevance to managers who are directly involved in pricing decisions. Additionally, the findings are informative for managers who must assign responsibility for pricing authority within firms. Originality/value - This empirical exploration of the relationship between certain personality traits and specific pricing practices contributes to the literature on psychological aspects of pricing theory by showing how managerial personality influences pricing preferences under uncertainty.

Place, publisher, year, edition, pages
EMERALD GROUP PUBLISHING LTD , 2017. Vol. 26, no 7, p. 771-784
Keyword [en]
Personality; Pricing; PLS modelling; Judgement and decision making
National Category
Business Administration
Identifiers
URN: urn:nbn:se:liu:diva-143961DOI: 10.1108/JPBM-11-2016-1352ISI: 000417505100009OAI: oai:DiVA.org:liu-143961DiVA: diva2:1169708
Note

Funding Agencies|Torsten Soderbergs Stiftelse, Sweden [E24/14]

Available from: 2017-12-29 Created: 2017-12-29 Last updated: 2017-12-29

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CiteExportLink to record
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Citation style
  • apa
  • harvard1
  • ieee
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  • Other style
More styles
Language
  • de-DE
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  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
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