A Price Developed in the Consumer's Mind Through Experience with the Product

question 61

Multiple Choice

A price developed in the consumer's mind through experience with the product is called a(n)

• A) external reference price.
• B) value-price guideline.
• C) frame of reference.
• D) internalized price.
• E) internal reference price.

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Definitions:

Psychodynamic Theories

A group of theories in psychology that emphasize the influence of unconscious forces and early life experiences on behavior and mental states.

Sexual Impulses

Natural, biological urges or desires related to sexual activity.

Unconscious Forces

Pertains to the processes in the human mind not directly accessible to consciousness, which influence thoughts, feelings, and behaviors according to psychoanalytic theory.

Social Cognitive Theory

A theory in psychology that posits that learning occurs in a social context with a dynamic and reciprocal interaction of the person, environment, and behavior.