play an important role in the process of brand choice, researchers fail to agree on how they are established, and provide contrasting explanations, which broadly fall into two categories. One the one hand, some claim that reference prices are established by the prices that the consumer has encountered on previous occasions; others, in contrast, consider
that, since consumers generally have poor recall of past shopping experiences, they form their reference prices at the time of purchase by observing the prices of certain brands.
play an important role in the process of brand choice, researchers fail to agree on how they are established, and provide contrasting explanations, which broadly fall into two categories. One the one hand, some claim that reference prices are established by the prices that the consumer has encountered on previous occasions; others, in contrast, considerthat, since consumers generally have poor recall of past shopping experiences, they form their reference prices at the time of purchase by observing the prices of certain brands.
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