Abstract: Thus far, we had focused on the microeconomic perspective that consumer purchase decisions are predicated on the consumer’s assessment of the product’s value and its price. In reality, however, consumer assessments of a product’s value and their knowledge about prices are often imperfect. Firms have responded to such imperfections by developing price communication strategies that go beyond communicating the objective price (dollars and cents) to consumers, but additionally shaping consumer perception about the attractiveness of the offer. The informational roles of price have created an area of research and practice commonly labeled as “behavioral pricing.”
Publication Year: 2020
Publication Date: 2020-12-21
Language: en
Type: book-chapter
Indexed In: ['crossref']
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