A marketing approach to pricing policy in the candle market

This article reveals the logic of pricing policy formation in the candle products market through the prism of consumer preferences, the psychology of price perception and differentiated approach to segments. The specificity of pricing for different segments of candle products (household paraffin, religious wax, decorative interior, fragrant collections) is shown.

The article examines the influence of various factors on the formation of pricing policies in the candle market: economic, seasonal, cultural, psychological, and legal factors. Expressed seasonal peaks in December and during the Easter period, the influence of cultural practices, the stability of the ritual segment are noted. The connection of the price with branding is substantiated: the price acts as a brand communicator. The connection of the price with elements of marketing policy is substantiated: the quality of the product, its aesthetics, exclusivity, packaging, promotion, sale through offline and online channels. The possibilities of using marketing tools to reduce the price elasticity of demand are considered.

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