Details
| Originalsprache | Englisch |
|---|---|
| Titel des Sammelwerks | Developments in Marketing Science |
| Untertitel | Proceedings of the Academy of Marketing Science |
| Herausgeber (Verlag) | Springer Nature |
| Seiten | 297-309 |
| Seitenumfang | 13 |
| Publikationsstatus | Veröffentlicht - 5 Apr. 2022 |
Publikationsreihe
| Name | Developments in Marketing Science: Proceedings of the Academy of Marketing Science |
|---|---|
| ISSN (Print) | 2363-6165 |
| ISSN (elektronisch) | 2363-6173 |
Abstract
Customers hold an internal and external reference price, which gives them an idea about an appropriate price within a range of the actual price. Following this assumption, marketers are able to increase the price of a product within a specific zone of price indifference to their advantage when they accurately exploit customers’ price knowledge. The knowledge about prices is stored in the implicit memory of customers, and thus processed in the non-/sub-conscious areas of customers’ brain. Still, conventional research approaches on finding the “right” price mostly concentrate on customers’ explicit reflected thoughts and opinions about prices and not the unconscious price knowledge. Our research introduces an Implicit Price Meter (IPM); a new approach from neuromarketing that is capable to explore implicit price knowledge. The results of a first study indicate a superior performance of the IPM to find an optimal price in contrast to conventional price measures.
ASJC Scopus Sachgebiete
- Betriebswirtschaft, Management und Rechnungswesen (insg.)
- Marketing
- Betriebswirtschaft, Management und Rechnungswesen (insg.)
- Strategie und Management
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- BibTex
- RIS
Developments in Marketing Science: Proceedings of the Academy of Marketing Science. Springer Nature, 2022. S. 297-309 (Developments in Marketing Science: Proceedings of the Academy of Marketing Science).
Publikation: Beitrag in Buch/Bericht/Sammelwerk/Konferenzband › Beitrag in Buch/Sammelwerk › Forschung › Peer-Review
}
TY - CHAP
T1 - Finding the Right Price
T2 - Exploring an Implicit Price Meter
AU - Schmidt, Steffen
AU - Langner, Sascha
AU - Schiessl, Michael
PY - 2022/4/5
Y1 - 2022/4/5
N2 - Customers hold an internal and external reference price, which gives them an idea about an appropriate price within a range of the actual price. Following this assumption, marketers are able to increase the price of a product within a specific zone of price indifference to their advantage when they accurately exploit customers’ price knowledge. The knowledge about prices is stored in the implicit memory of customers, and thus processed in the non-/sub-conscious areas of customers’ brain. Still, conventional research approaches on finding the “right” price mostly concentrate on customers’ explicit reflected thoughts and opinions about prices and not the unconscious price knowledge. Our research introduces an Implicit Price Meter (IPM); a new approach from neuromarketing that is capable to explore implicit price knowledge. The results of a first study indicate a superior performance of the IPM to find an optimal price in contrast to conventional price measures.
AB - Customers hold an internal and external reference price, which gives them an idea about an appropriate price within a range of the actual price. Following this assumption, marketers are able to increase the price of a product within a specific zone of price indifference to their advantage when they accurately exploit customers’ price knowledge. The knowledge about prices is stored in the implicit memory of customers, and thus processed in the non-/sub-conscious areas of customers’ brain. Still, conventional research approaches on finding the “right” price mostly concentrate on customers’ explicit reflected thoughts and opinions about prices and not the unconscious price knowledge. Our research introduces an Implicit Price Meter (IPM); a new approach from neuromarketing that is capable to explore implicit price knowledge. The results of a first study indicate a superior performance of the IPM to find an optimal price in contrast to conventional price measures.
KW - Behavioral economics
KW - Implicit measurement
KW - Mental accounting
KW - Mental budgeting
KW - Pricing
KW - Reaction time measurement
UR - http://www.scopus.com/inward/record.url?scp=85127979171&partnerID=8YFLogxK
U2 - 10.1007/978-3-030-89883-0_81
DO - 10.1007/978-3-030-89883-0_81
M3 - Contribution to book/anthology
AN - SCOPUS:85127979171
T3 - Developments in Marketing Science: Proceedings of the Academy of Marketing Science
SP - 297
EP - 309
BT - Developments in Marketing Science
PB - Springer Nature
ER -