Understanding customer and buyer behavior page 2-4
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Understanding Customer and Buyer Behavior Aug 23, 2012
Psychological price phenomena
- “irrational” effects of price on customers’ buying behavior
- customary prices
- price lines
- odd prices
*price perception (how people
encode price information in their
minds)
*price cognition (how people process
the encoded price information)
Price Awareness
- the ability of buyers to recall prices paid
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- reasons for recalling or recognizing prices paid:
concern about prices
involvement with the product
the amount of attention they give to the
selection
- evaluative judgments of price:
good/bad
favorable/unfavorable
expensive/inexpensive
Remembering versus Knowing
Remembering requires consciously recollecting having encountered a piece of information.
Knowing involves a sense of familiarity towards a previously encountered item, experienced without conscious recollection of the exposure event.
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