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Journal of the Academy of Marketing Science
Erschienen in: Journal of the Academy of Marketing Science 3/2008

01.09.2008

The dual role of price: decomposing consumers’ reactions to price

verfasst von: Franziska Völckner

Erschienen in: Journal of the Academy of Marketing Science | Ausgabe 3/2008

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Abstract

Price plays two distinct roles in consumers’ evaluations of product alternatives: as a measure of sacrifice and as an informational cue. This article merges two streams of empirical research into the effects of price on consumers’ product evaluations by combining stated preferences, obtained from conjoint measurement, with data on self-reported measures in the form of beliefs or attitudes. It thus offers new, substantive insights into the dual role of price. Specifically, it differentiates between the informational and sacrifice effects of price using a choice-based conjoint approach and differentiates further among different subcomponents of these two main effects by combining choice-based measures with self-reported measures that pertain to potential sources of the dual role of price (price response drivers) and underlying consumer characteristics. Thus, this article presents a general procedure to quantify the impact of the dual role of price on choice shares for product alternatives within a market simulation. This procedure enables managers to simulate the choice share effects of changes in price response drivers, as well as modifications in segmentation and targeting strategies that involve changes in the levels of the price response drivers and thus the levels of the informational and sacrifice components of the price response of demand.
Vorheriger Artikel Organizational antecedents to and consequences of service business orientations in manufacturing companies
Nächster Artikel Harmonizing conflict in husband–wife purchase decision making: perceived fairness and spousal influence dynamics

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Fußnoten
1
Depending on whether the estimation process uses choice data of the budget constraint or unconstrained scenario, it reveals the total effect of price or the informational component of consumers’ price responses, respectively.
 
2
Respondents completed nine choice tasks in the first scenario and another nine in the second scenario (excluding reliability tests). I omit one choice task from parameter estimation, calculate model parameters on the basis of the remaining eight choice tasks, predict individual choices for the holdout task, and compute the resulting hit rate for each of the two scenarios. Thus, I obtain nine hit rates for the full-price-to-pay scenario and another nine hit rates for the sweepstakes scenario.
 
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Metadaten
Titel
The dual role of price: decomposing consumers’ reactions to price
verfasst von
Franziska Völckner
Publikationsdatum
01.09.2008
Verlag
Springer US
Erschienen in
Journal of the Academy of Marketing Science / Ausgabe 3/2008
Print ISSN: 0092-0703
Elektronische ISSN: 1552-7824
DOI
https://doi.org/10.1007/s11747-007-0076-7

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