The role of price knowledge in consumer product knowledge structures

Parimal S. Bhagat

39 citations0/0 files storedPsychology and Marketing

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Decision-Making and Behavioral Economics Consumer Behavior and Marketing Influence Consumer Market Behavior and Pricing

Abstract

Abstract In this study price knowledge is viewed as a necessary component of a product knowledge structure, in which it is inferred from domain‐specific relations among product features. Consumers' knowledge of tuition rates of colleges and universities was investigated in two tuition‐estimation experiments. In Experiment 1, providing participants with seed knowledge of a small subset of listed schools improved the mapping properties of the estimates and reduced reliance on using the availability heuristic. In Experiment 2, similar effects were observed when instructions contained information about tuition magnitudes of school groupings, information about how to categorize schools into these groups, and, especially, both types of information combined. Results were interpreted within a frame structural view of consumer knowledge, in which price knowledge occupies an obligatory slot in a richly structured frame as opposed to being derived from memory of isolated exposures to specific prices. © 2002 Wiley Periodicals, Inc.

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1988Consumer Perceptions of Price, Quality, and Value: A Means-End Model and Synthesis of Evidence 2025Advances in Consumer Research 1973Availability: A heuristic for judging frequency and probability 1983Architecture of Cognition 1989The Effect of Price, Brand Name, and Store Name on Buyers' Perceptions of Product Quality: An Integrative Review 1960Annual Review of Psychology 1996The Assessment of Alternative Measures of Consumer Expertise 1999Remembering versus Knowing: Issues in Buyers' Processing of Price Information

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