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Do Consumers Really Know if the Price is Right ? Direct Measures of References Price and their Implications for Retailling

Author

Listed:
  • Marc Vanhuele

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • Xavier Drèze

Abstract

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.

Suggested Citation

  • Marc Vanhuele & Xavier Drèze, 2000. "Do Consumers Really Know if the Price is Right ? Direct Measures of References Price and their Implications for Retailling," Working Papers hal-00597235, HAL.
    • Handle: RePEc:hal:wpaper:hal-00597235
    as

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