Do consumers really know if the price is right ? Direct measures of references price are their implications for retailing
Reference price research suggest that consumers memorize and recall price information when selecting brands for frequently purchased products. In this study, we show that previous price-knowledge surveys provided imperfect estimates of reference price. Further, we propose to use a combination of price recall, price recognition, and deal recognition to measure representations to memorize prices. In addition we identify consumer and product characteristics that explain the variations in price knowledge.
|Date of creation:||01 Sep 2000|
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- Schindler, Robert M & Kirby, Patrick N, 1997. " Patterns of Rightmost Digits Used in Advertised Prices: Implications for Nine-Ending Effects," Journal of Consumer Research, University of Chicago Press, vol. 24(2), pages 192-201, September.
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- Urbany, Joel E & Dickson, Peter R, 1991. " Consumer Normal Price Estimation: Market versus Personal Standards," Journal of Consumer Research, University of Chicago Press, vol. 18(1), pages 45-51, June.
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