Consumers' perceptions of the customary price of a product may depend on a/n ________.This is a set price or price range in the minds of consumers that they refer to in evaluating a product's cost.
A)captive price
B)penetration price
C)dynamic price
D)trail price
E)internal reference price

Question

Quizplus · Accepted Answer

Internal reference price is the set price or price range that consumers have in their minds while evaluating a product's cost. It may be based on their previous experience, advertising, or knowledge about the product. This perception can influence their purchasing behavior and affect their willingness to pay for a product. The other options do not relate to consumers' perceptions of customary prices of a product.

Consumers' Perceptions of the Customary Price of a Product May