Consumer evaluation of multiple internal reference prices

This study aims to understand the consumers' general view of each of multiple IRPs in terms of importance and usage propensity for price judgments, the effort devoted to its formation, and whether its adoption is universal through all product categories and brands. Findings are as follows. First, in terms of importance, usage propensity, and effort, a normal price is highly evaluated and the highest-observed and lowest-acceptable prices less so. Second, the normal and expected prices are likely to be used over many product categories, whereas the lowest-acceptable price is not. Third, purchased price is likely to be used over many brands, whereas reservation price is not.