What are the different possible consumer reference prices?
What will be an ideal response?
Although consumers have fairly good knowledge of price ranges, surprisingly few can accurately recall specific prices. When examining prices, consumers often employ reference prices, comparing an observed price to an internal reference price they remember or an external frame of reference such as a posted "regular retail price."
These reference prices include:
• fair price — what consumers feels the product should cost
• typical price
• last price paid
• upper-bound price — reservation price or the maximum most consumers would pay
• lower-bound price — lower threshold price or the minimum most consumers would pay
• historical competitor price
• expected future price
• usual discounted price
You might also like to view...
An organization in which there are no barriers to information flow is referred to as a(n) ________ organization.
A. informal B. bureaucratic C. decentralized D. open E. boundaryless
Which of the following is not true?
a. Large-scale IT outsourcing involves transferring specific assets to a vendor b. Specific assets, while valuable to the client, are of little value to the vendor c. Once an organization outsources its specific assets, it may not be able to return to its pre-outsource state. d. Specific assets are of value to vendors because, once acquired, vendors can achieve economies of scale by employing them with other clients
In the hierarchy of needs theory, what does the second level focus on?
A) love needs B) self-aggrandizement C) self-actualization D) safety needs
Technical difficulties researchers in international markets may encounter include
A. a lack of access to high-speed Internet for data transmission. B. undependable electrical power. C. outdated or no maps and a lack of street names. D. unusual work schedules and work values.