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Memory-Based Store Price Judgments: The Role of Knowledge and Shopping Experience

Chezy Ofir, Priya Raghubir, Gili Brosh, Kent B. Monroe and Amir Heiman

Journal of Retailing, 2008, vol. 84, issue 4, 414-423

Abstract: This paper investigates the processes underlying consumers’ memory-based store price judgments. The numerosity heuristic implies that the greater the number of relatively lower priced products at a store that consumers can recall, the lower will be their overall price image of the store. That is, people use the number of recalled low-price products to judge the overall store price image. We show that this expectation holds only for knowledgeable consumers. Instead, less knowledgeable consumers use the ease with which low-price products are recalled (i.e., the availability heuristic) as a cue to make store price judgments. Therefore, the fewer low-price products they recall, the easier their recall task, and the lower their price perceptions of the store.

Keywords: Store price judgments; Consumer knowledge; Memory; Ease of recall; Numerosity (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1016/j.jretai.2008.08.001

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Handle: RePEc:eee:jouret:v:84:y:2008:i:4:p:414-423