REFERENCE PRICE, PRICE PERCEPTION AND WILLINGNESS TO PAY
Abstract
The product price plays a strategical role for both organizations, in terms of profitability and consumer lives in terms of utility-maximizing. However, it is difficult to predict consumer behavior toward established prices by firms. The research works predict that consumer price perception and willingness to pay are different. Also, a consequence of price has been analyzed under three theories (1) Adaptation theory (2) assimilation theory and (3) transaction utility theory. In addition to that, this work shows five types of price perception (positive and negative price perceptions) and consumer model of willingness to pay. Keywords: reference price, price perception, willingness to pay.References
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2. Adaval, R., & Wyer Robert, S. (2011). Conscious and nonconscious comparisons with price anchors: Effects on willingness to pay for related and unrelated products. Journal of Marketing Research, 48, 355-365.
3. Cassady, D., Jetter, K., & Culp. (2007). Is price a barrier to eating more fruit and vegetables for low-income families? J Am Diet Assoc, 107 , 1909–1915.
4. Chandon, P. M. (2005). Do Intentions Really Predict Behavior? Self-Generated Validity Effects in Survey Research. Journal of Marketing, 69(2), 1–14.
5. Jacoby, J., & Olson, J. C. (1977). Consumer Response to Price: An Attitudinal, Information Processing Perspective. In Moving Ahead with Attitude Research. Y. Wind and P. Greenberg, eds. Chicago: American Marketing Association, 73-86.
6. Lichtenstein, D. R., Netemeyer, R. G., & Burton, S. (1990). Distinguishing Coupon Proneness From Value Consciousness: An Acquisition-Transaction Utility Theory Perspective. Journal of Marketing, Vol 54, Issue 3, 54–67.
7. Lichtenstein, D. R., Ridgway, N. M., & Netemeyer, R. G. (1993). Price Perceptions and Consumer Shopping Behavior: A Field Study. Journal of Marketing Research, 30(2), 234.
8. Lichtenstein, R., D., Bloch, P. H., & Black, W. C. (1988). Correlates of Price Acceptability. Journal of Consumer Research, Volume 15, Issue 2, 243–252.
9. Lingli Wu, S. D. (2017). Sampling and Pricing Strategy Under Competition. Omega, 80, 192–208.
10. Mendoza, J. (2016). Towards the formation and measurement of ethnic price perception. DBA Thesis (Cranfield university).
11. Monroe, K. (1973). Buyer's Subjective Perceptions of Price. Journal of Marketing Research, Vol 10, Issue 1, 70-80.
12. Monroe, K. B., & Chapman, J. D. (1987). Framing Effects of Buyers' Subjective Product Evaluations. In Advances in Consumer Research. Vol. 14 Issue 1, 193-197.
13. Reicks, M., Randall, J., & Haynes, B. (1994). Factors affecting consumption of fruits and vegetables by low-income families. Journal of the American Dietetic Association, Volume 94, Issue 11, Pages 1309–1311.
14. Soon, W. (2011). A review of multi-product pricing models. Applied Mathematics and Computation, Volume 217, Issue 21, 8149-8165.
15. Steenhuis, I. H., Waterlander, W. E., & Mul, A. d. (2011). Consumer food choices: the role of price and pricing strategies. Public Health Nutrition, Volume 14, Issue 12, 2220-2226.
16. Zeithaml, V. (1988). Consumer Perceptions of Price, Quality, and Value: A Means-End Model and Synthesis of Evidence. Journal of Marketing, Vol 52, Issue 3, 2-22.
Published
2020-06-24
How to Cite
KAMZABEK, Takhaui Barkhanuly; ANARBAY, Bolat; AMIRSHOEV, Shifo.
REFERENCE PRICE, PRICE PERCEPTION AND WILLINGNESS TO PAY.
SDU University Bulletin: Social Sciences, [S.l.], v. 52, n. 1, june 2020.
ISSN 2709-2410.
Available at: <https://journals.sdu.edu.kz/index.php/ss/article/view/34>. Date accessed: 26 june 2025.
doi: https://doi.org/10.47344/sdubss.v52i1.34.
Section
Articles
