A price that develops in the mind of a buyer through experience with the product is known as:
A)an internal reference price.
B)a value-conscious price.
C)an external reference price
D)a prestige-sensitive price.
E)a demand-based price.

Question

Quizplus · Accepted Answer

An internal reference price is developed in the mind of a buyer through their experience with the product. This is the price that the buyer considers fair or reasonable based on their own personal experiences with the product, and it can greatly impact their willingness to make a purchase. It is important for businesses to understand and consider the buyer's internal reference price when setting their own pricing strategies.

A Price That Develops in the Mind of a Buyer