Examlex

Solved

What Are Reference Prices and How Do Customers Use Them

question 93

Essay

What are reference prices and how do customers use them? What is the difference between internal and external reference prices?


Definitions:

Category

A grouping of items sharing one or more similarities.

Script

A sequence of behaviors, actions, or events that is expected to follow a particular scenario, often used in the context of cognitive psychology to explain patterns of behavior in social situations.

Memory

The mental capacity or faculty of retaining and reviving facts, events, impressions, or recalling and recognizing previous experiences.

Schema View

A cognitive framework that organizes and interprets information in the mind, influencing how new information is perceived and processed.

Related Questions