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Retailer Price Image - An Introduction and Literature Review

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  • Gunnarsson, Jonas

    () (Marketing and Strategy)

Abstract

This working paper aims to give an introduction to what we know about what makes up and influences the retailer’s price image: “the general belief about the overall level of prices that consumers associate with a particular retailer” (R. Hamilton & Chernev, 2013). What have been the main themes in academic price image research? The focus is on what relevant empirical evidence has been published and what conclusions can be drawn. We also provide some illustrative new empirical data. The paper is written as a first stop for academic researchers, students and retail practitioners interested in the area. The paper begins by discussing the background and relevance of the topic. We continue the first section by introducing a number of key theoretical concepts that are frequently used in the behavioral pricing and price image literature. We conclude by discussing the crucial role of consumer memory and decision making biases in understanding how consumers process information about retailers, their stores and prices. The empirical section covers many of the issues which in different research streams have been found to be of relevance to understanding how consumers process price information and how they react to cues which retailers attempt to manage every day. The final section attempts to wrap up and visualize the research area.

Suggested Citation

  • Gunnarsson, Jonas, 2015. "Retailer Price Image - An Introduction and Literature Review," SSE Working Paper Series in Business Administration 2015:2, Stockholm School of Economics.
  • Handle: RePEc:hhb:hastma:2015_002
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    File URL: http://swoba.hhs.se/hastma/papers/hastma2015_002.pdf
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    References listed on IDEAS

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    1. Marc Vanhuele & X. Drèze, 2002. "Measuring the Price Knowledge Shoppers Bring to the Store," Post-Print hal-00457563, HAL.
    2. Esbjerg, Lars & Bech-Larsen, Tino, 2009. "The brand architecture of grocery retailers: Setting material and symbolic boundaries for consumer choice," Journal of Retailing and Consumer Services, Elsevier, vol. 16(5), pages 414-423.
    3. Harold J. Leavitt, 1954. "A Note on Some Experimental Findings About the Meanings of Price," The Journal of Business, University of Chicago Press, vol. 27, pages 205-205.
    4. Kathleen Cleeren & Frank Verboven & Marnik G. Dekimpe & Katrijn Gielens, 2010. "Intra- and Interformat Competition Among Discounters and Supermarkets," Marketing Science, INFORMS, vol. 29(3), pages 456-473, 05-06.
    5. Gurumurthy Kalyanaram & Russell S. Winer, 1995. "Empirical Generalizations from Reference Price Research," Marketing Science, INFORMS, vol. 14(3_supplem), pages 161-169.
    6. Swoboda, Bernhard & Berg, Bettina & Schramm-Klein, Hanna & Foscht, Thomas, 2013. "The importance of retail brand equity and store accessibility for store loyalty in local competition," Journal of Retailing and Consumer Services, Elsevier, vol. 20(3), pages 251-262.
    7. Darden, William R. & Babin, Barry J., 1994. "Exploring the concept of affective quality: Expanding the concept of retail personality," Journal of Business Research, Elsevier, vol. 29(2), pages 101-109, February.
    8. Zielke, Stephan, 2014. "Shopping in discount stores: The role of price-related attributions, emotions and value perception," Journal of Retailing and Consumer Services, Elsevier, vol. 21(3), pages 327-338.
    9. Babin, Barry J. & Babin, Laurie, 2001. "Seeking something different? A model of schema typicality, consumer affect, purchase intentions and perceived shopping value," Journal of Business Research, Elsevier, vol. 54(2), pages 89-96, November.
    10. Juan Beristain, Jose & Zorrilla, Pilar, 2011. "The relationship between store image and store brand equity: A conceptual framework and evidence from hypermarkets," Journal of Retailing and Consumer Services, Elsevier, vol. 18(6), pages 562-574.
    11. Deleersnyder, B. & Dekimpe, M.G. & Steenkamp, J.E.B.M. & Koll, O., 2007. "Win-win strategies at discount stores," Other publications TiSEM 34fbe624-0ee7-4c52-b640-7, Tilburg University, School of Economics and Management.
    12. David R. Bell & James M. Lattin, 1998. "Shopping Behavior and Consumer Preference for Store Price Format: Why “Large Basket” Shoppers Prefer EDLP," Marketing Science, INFORMS, vol. 17(1), pages 66-88.
    13. Martin, William C. & Ponder, Nicole & Lueg, Jason E., 2009. "Price fairness perceptions and customer loyalty in a retail context," Journal of Business Research, Elsevier, vol. 62(6), pages 588-593, June.
    14. Sirgy, M. Joseph & Grewal, Dhruv & Mangleburg, Tamara, 2000. "Retail Environment, Self-Congruity, and Retail Patronage: An Integrative Model and a Research Agenda," Journal of Business Research, Elsevier, vol. 49(2), pages 127-138, August.
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    Keywords

    Price image; price perception; retail prices; grocery; Sweden; pricing strategy; branding; positioning;

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