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Finding the Right Price: Exploring an Implicit Price Meter

Research output: Chapter in book/report/conference proceedingContribution to book/anthologyResearchpeer review

Authors

  • Steffen Schmidt
  • Sascha Langner
  • Michael Schiessl

External Research Organisations

  • eye square GmbH

Details

Original languageEnglish
Title of host publicationDevelopments in Marketing Science
Subtitle of host publicationProceedings of the Academy of Marketing Science
PublisherSpringer Nature
Pages297-309
Number of pages13
Publication statusPublished - 5 Apr 2022

Publication series

NameDevelopments in Marketing Science: Proceedings of the Academy of Marketing Science
ISSN (Print)2363-6165
ISSN (electronic)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.

Keywords

    Behavioral economics, Implicit measurement, Mental accounting, Mental budgeting, Pricing, Reaction time measurement

ASJC Scopus subject areas

Cite this

Finding the Right Price: Exploring an Implicit Price Meter. / Schmidt, Steffen; Langner, Sascha; Schiessl, Michael.
Developments in Marketing Science: Proceedings of the Academy of Marketing Science. Springer Nature, 2022. p. 297-309 (Developments in Marketing Science: Proceedings of the Academy of Marketing Science).

Research output: Chapter in book/report/conference proceedingContribution to book/anthologyResearchpeer review

Schmidt, S, Langner, S & Schiessl, M 2022, Finding the Right Price: Exploring an Implicit Price Meter. in Developments in Marketing Science: Proceedings of the Academy of Marketing Science. Developments in Marketing Science: Proceedings of the Academy of Marketing Science, Springer Nature, pp. 297-309. https://doi.org/10.1007/978-3-030-89883-0_81
Schmidt, S., Langner, S., & Schiessl, M. (2022). Finding the Right Price: Exploring an Implicit Price Meter. In Developments in Marketing Science: Proceedings of the Academy of Marketing Science (pp. 297-309). (Developments in Marketing Science: Proceedings of the Academy of Marketing Science). Springer Nature. https://doi.org/10.1007/978-3-030-89883-0_81
Schmidt S, Langner S, Schiessl M. Finding the Right Price: Exploring an Implicit Price Meter. In Developments in Marketing Science: Proceedings of the Academy of Marketing Science. Springer Nature. 2022. p. 297-309. (Developments in Marketing Science: Proceedings of the Academy of Marketing Science). doi: 10.1007/978-3-030-89883-0_81
Schmidt, Steffen ; Langner, Sascha ; Schiessl, Michael. / Finding the Right Price : Exploring an Implicit Price Meter. Developments in Marketing Science: Proceedings of the Academy of Marketing Science. Springer Nature, 2022. pp. 297-309 (Developments in Marketing Science: Proceedings of the Academy of Marketing Science).
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