The Influence of Resale Reference Prices on Consumer Purchase Decisions custom essay

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Price plays a key role in the purchase decision process. In order to judge a particular price, consumers often use a reference price as a means of benchmarking. Anchoring and adjusting. Etc. – Internal reference prices – External reference prices Consumer reselling has grown considerably with growth of the internet. – more C2C commerce – online auctions studied – other online selling venues (e.g., Craigslist, ) With such reselling opportunities comes another pricing factor that is added into the purchase decision process: resale reference price. Resale reference price is….. Marketers have need to understand the role of RRP in the purchase decision process, and also to understand when it is more or less likely to affect purchase decisions. To present the results of three/four studies that assess: (1) the prevalence of RRP in the purchase decision process of various categories of consumers, (2) the propensity of RRP to affect purchase likelihoods for products with varying levels of risk factors, (3) the propensity of RRP to affect purchase likelihoods for purchases situations of varying levels of risk factors, and (4) the propensity of RRP to affect purchase decisions across product and seller choice sets. The results show the importance of RRP to the marketing field and discuss the implications and directions for future research. CONCEPTUALIZATION / FORMULATION OF HYPOTHESES / ETC. Role of price in purchase decision process. Role of reference price in purchase decision process. – how reference prices work in influencing purchase decision processes. – what theories are used in reference price research?!! – nuances of internal vs. external reference prices. Increase in consumer reselling begs importance of “resale reference price.” Construct theoretical explanation of why resale reference price is important to decision process. ALSO: How lack of RRP (when resale is considered/relevant/salient) creates ambiguity that may lead to indecision/postponement or more conservative purchase or lower-priced purchase or safer purchase (known brand?), etc. ALSO: How RRP influences decision process when purchase ref price is present/absent?

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