参照価格を考慮した消費者のブランド選択モデル

The impact of internal and external reference prices on brand choice: The moderating role of contextual variables

Reference prices, which are extensively used in retail advertisements, have received considerable attention in the marketing literature. The present study looks at the extent to which external reference prices, included in price promotions, affect consumers’ price beliefs. Based on Helson’s Adaptation-Level theory, consumers form internal reference prices, which they use as a basis for evaluating market prices. Researchers then draw from both Adaptation-Level and Assimilation-Contrast theories to explain the process by which external reference prices influence consumers’ internal reference prices. While consumers may assimilate or contrast external reference prices, only assimilated prices have the ability to affect consumers’ internal price standards. To examine the extent to which consumers assimilate external reference prices, we conducted a first experiment, which revealed that the impact of external reference prices on consumers’ internal price standards was surprisingly monotonic. Results from our second experiment showed that the chosen absolute and relative savings presentation formats did not generate changes in subjects’ internal reference prices. We discuss our findings in relation to the measurement of internal reference prices and change thereof, exaggerated external reference prices, and price familiarity.

Single-source yogurt data are used to examine whether both internal and external reference prices affect purchase decisions. Internal reference prices are memory-resident prices based on actual, fair, or other price concepts. External reference prices are observed stimuli, such as “regular prices,” that stores may display along with a sale price for comparability. Discrete choice models with variables representing the two types of reference prices are estimated, and both types of variables are found to have significant effects on purchase probabilities. This suggests that consumers may use multiple reference points in evaluating price in purchase decisions. In addition, a model using an indicator of a sale price discount explains purchase probabilities as well as one that models the actual discount, which suggests that consumers may be reacting to the indication of savings rather than to the amount of the discount.

Purpose Discounts may erode consumers’ internal reference prices, thereby undermining the attractiveness of products at their original prices. This paper aims to propose a viable solution by highlighting the benefits of conditional discounts – specifically those designed for customers with a history of patronage. Design/methodology/approach They conducted three experiments, reported in the main text and two supplementary experiments, detailed in the Web Appendix. These studies empirically examine the differential effects of discount types (i.e. conditional vs unconditional), explore the underlying psychological mechanisms and assess the moderating roles of condition type and product category. Findings The findings reveal that conditional discounts, compared to unconditional discounts, lead to higher internal reference prices. This effect occurs by reducing the perceived typicality of the sale price and enhancing the perceived credibility of the original price. However, the positive impact of conditional discounts on internal reference pricing diminishes when the discount amount is based on a customer’s time investment rather than monetary spending or when applied to search goods rather than experience goods. Research limitations/implications Future research could explore alternative formats of conditional discounts, investigate additional downstream effects and product-category moderators, and use field experiments to validate these findings in real-world settings. Practical implications Marketing practitioners can leverage conditional discounts to mitigate the adverse effects of price discounts, particularly for firms offering monetary conditional discounts and selling experience goods. Originality/value This paper demonstrates how conditional discounts influence internal reference prices and identifies key moderating factors that shape their effectiveness.

Price information is a key influencer in consumer decision-making. Consumers compare prices with their reference prices (both external and internal) to assess the value of an offer. In this study, we examine the role of involvement in the usage of internal reference prices (IRP). Using a two-dimensional operationalization of the IRP construct, we empirically demonstrate that high-involvement customers use market-based IRPs whereas low-involvement customers use aspiration-based IRPs. We then examine the structure of relationships between IRPs, perceived value of the offer, perceived shop-around savings, and purchase intention. Again, we find interesting differences between the low- and high-involvement groups. The standard of comparison varies across times and situations. Managerially, our results suggest that advertising price specials may not always be the best way to elicit favorable responses from consumers who have low levels of product involvement.

The authors expand and integrate prior price-perceived value models within the context of price comparison advertising. More specifically, the conceptual model explicates the effects of advertised selling and reference prices on buyers’ internal reference prices, perceptions of quality, acquisition value, transaction value, and purchase and search intentions. Two experimental studies test the conceptual model. The results across these two studies, both individually and combined, support the hypothesis that buyers’ internal reference prices are influenced by both advertised selling and reference prices as well as the buyers’ perception of the product's quality. The authors also find that the effect of advertised selling price on buyers’ acquisition value was mediated by their perceptions of transaction value. In addition, the effects of perceived transaction value on buyers’ behavioral intentions were mediated by their acquisition value perceptions. The authors suggest directions for further research and implications for managers.

In this paper we develop a general class of dynamic brand choice models, called Lightning Bolt (LB) models, which are consistent with the theory of random utility maximization of consumer choice behavior. The underlying random utility process is Markov, and the inter-temporal evolution of the (utility-maximizing) brand choice process is also Markov. The models permit parsimonious parameterizations of the random utility process in brand choices with the resulting switching probabilities being functionally related to explanatory variables. The model allows for structural state dependence (feedback), habit persistence (inertia), and unobserved heterogeneity. The theoretical development shows that several well known stochastic brand choice models can be deduced from random utility maximization theory. From a managerial perspective, the usefulness of the proposed model stems from its ability to separate out the effects of habits, state dependence and heterogeneity. Strong state dependence effects imply incentives for inducing trial of a brand (e.g., product sampling). In contrast with state dependence, a strong habit persistence effect may be indicative of buyer behavior where inducement of trial of a different brand may not be sufficient to maintain a (sustained) defection of the consumer from the habitually purchased brand to the trial brand. Failure to distinguish between these two effects has important implications. For example, a model that only accounts for state dependence effects would, in the presence of only habit persistence, incorrectly attribute it to state dependence. Based on this the manager could decide to embark on an expensive sampling program that might prove ineffective due to the absence of state dependence. It is also important to distinguish between the effects of unobserved heterogeneity and state dependence. In the absence of true state dependence, failing to account for unobservable variations across households (such as differences in price sensitivities), results in the temporally persistent unobservable elements showing up as state dependence in the model. Hence, a manager may incorrectly opt for sampling as the appropriate marketing action, whereas, a couponing or price promotion strategy should have been preferred. We estimate the model parameters using the AC Nielsen household scanner panel data set on catsup purchases. Further, we investigate empirical techniques for overcoming the “initial conditions” problem that affects many dynamic models of brand choice. Through simulation analysis using the estimated parameters, we show that the calculated profitability of a promotion must take into account the multi-period impact due to state dependence. Further, we demonstrate how ignoring heterogeneity can result in spurious state dependence, thereby making marketing tactics such as product sampling appear far more attractive than they actually are. Specifically, the model that accounts only for habit persistence and state dependence effects predicts a share increase of 2.4% points through sampling for one of the brands in the empirical analysis. Once the effects of unobserved heterogeneity are accounted for, however, this number drops precipitously to 0.3%. While even this low number might fulfill the objectives of the brand manager, it ensures that expectations are not eight times that number. It is important to note that this paper is a first attempt at analyzing the three fundamental dimensions of dynamic brand choice behavior. Our formulation represents a “reduced form” approach as opposed to a “structural” approach. Other limitations of the model include our focus on time-invariant choice sets. Extensions of the model to situations where choice sets vary over time are possible, but are difficult. Another limitation is the dependence on multivariate extreme value distributions. An alternative would be to use multivariate normal distributions, i.e., a probit-like structure which has certain useful properties. A comparison of the two approaches would be useful. Empirical extensions of the model to allow for higher-order processes and nested logit type model structures could also be fruitful. Explicitly incorporating variety-seeking behavior in the model would further enrich the theoretical framework proposed in this paper.

Probabilistic versus random-utility models of state dependence: an empirical comparison

An investigation of consumer evaluations of reference price discount claims

This article explores the influence of seemingly incidental numbers on willingness to pay as a function of internal reference price strength. Four experiments suggest that anchoring effects occur only when consumers hold weak internal reference prices for the target product. For products with strong internal reference prices, anchoring occurs if the numerical value is part of the product identity and resembles a price.

Consumer responses to price discrimination: Discriminating bases, inequality status, and information disclosure timing influences

Internal reference price is an important factor when a consumer makes a purchasing decision. When the consumer adjust their internal reference prices the demand function of the product will be changed accordingly. This paper intends to discuss: (1) the effect of the dissemination of new price information on consumer’s internal reference price adjustment, purchasing quantity determination, and the shift of demand function, (2) the establishment of a new dynanic demand function mentioned above, (3) the application of the dynamic demand function in pricing strategy.

This study investigates the issue of pricing with a focus on potential asymmetric effects of positive and negative price deviations – deviations from the internal reference price – price paid the other buyers of durable good (car navigation system). The results indicate that the hypothesized asymmetric effects between positive and negative price deviations exist in buyers’ judgments of price fairness, although this is not the case in overall price perceptions.DOI: http://dx.doi.org/10.5755/j01.ss.90.4.14247

We hypothesize that the effect of price on consumer brand choice consists of two parts: (1) the direct effect which represents the financial sacrifice and (2) the indirect effect which results from the price/quality association. We propose a framework for incorporating these two components in brand choice models. Using empirical results from scanner panel data for two frequently purchased product categories we discuss the managerial implications of incorporating the direct and the indirect effects of price.

In this paper, the Bernoulli and the First Order brand switching models are put to test on two sets of panel data. Non-aggregate analysis indicates that a Bernoulli process may explain the brand choice behavior of consumers for frequently bought nondurable products. However, aggregate process seems to be of higher order. Moreover, the use of a simultaneous inference technique on consumer panel data is demonstrated.