An exploratory study into consumers' perspective for establishing price strategies that maintaining consumers' good will

Abstract

This research related to meal price of food truck service business. Descriptive data was collected through a questionnaire survey. Respondents were Thai people age 16-35 up years. The vast majority of 226 respondents were in the age group between 21-25 years with 45.2 percent respondents. There were male 35.8 percent and female respondents 64.2 percent. This research indicated the maximum willing to pay was the maximum price at 150 baht. On the other hand, minimum willing to pay was the minimum price at 25 baht. The range of acceptable prices was between 25-150 baht. The resulting distribution enabled the researcher to determine upper and lower price limits for western food. The results showed that consumers considered the food to be cheap at 65 baht. If the price fell below 33 baht, the lower limit could cause the item to be judged as being of questionable quality. The consumers considered the highest price at 119 baht. If the price rose over 180 baht, the upper limit can cause the item to be judged as being too expensive, suggesting quality levels and attributes exceeding those desired by the consumers. They felt the food was cheap as felt it was expensive at 50 baht (indifference price). In term of the price stress, the indifference price (50 baht) was greater than the optimal price (35 baht). They felt some stress over price, since the price that they would most like to pay was lower than the price they view as cheap.