Mode of payment and formation of reference prices
States that reference price has emerged as a central feature in consumer decisions. The goal of this study was to explore the contribution of mode of payment to the formulation of personal reference prices (what one believes to be a fair price for a product) and reservation prices (the highest price...
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| Veröffentlicht in: | Pricing strategy & practice 1997-12, Vol.5 (4), p.142-147 |
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| container_title | Pricing strategy & practice |
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| creator | Monger, Jodie E Feinberg, Richard A |
| description | States that reference price has emerged as a central feature in consumer decisions. The goal of this study was to explore the contribution of mode of payment to the formulation of personal reference prices (what one believes to be a fair price for a product) and reservation prices (the highest price one is willing to pay for a product). Reference prices for the products were significantly influenced by mode of payment (check, cash, credit card). Those in the credit card condition formulated significantly higher reference and reservation prices than when other modes of payment were considered. That credit cards can raise reference prices leads to a better understanding of why consumers spend more with credit cards. |
| doi_str_mv | 10.1108/09684909710184635 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0968-4905 |
| ispartof | Pricing strategy & practice, 1997-12, Vol.5 (4), p.142-147 |
| issn | 0968-4905 1758-6968 |
| language | eng |
| recordid | cdi_istex_primary_ark_67375_4W2_72WG56S2_N |
| source | Emerald Journals |
| subjects | Brand loyalty Budgets Consumer behavior Consumer behaviour Consumers Credit cards Decision making Influence Market prices Methods Payments Perceptions Prices Pricing Product development Studies Willingness to pay |
| title | Mode of payment and formation of reference prices |
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