Price Value Image
The price value image is defined as the consumers’ perceived quality and sacrifice when comparing one store’s
price level to one or more other stores (Grewal, Krishnan,
Baker, and Borin 1998; Teas and Agarwal 2000). Price value
is identified as one of the price image dimensions and
defined as an outcome of a trade-off between sacrifices
and utilities derived from the product and store attributes
in retail settings (Zielke 2006, 2010). That is, consumers
form price value images based on their evaluations of the
price level and quality/performance (Dodds and Monroe
1985; Sweeney and Soutar 2001; Zeithaml 1988; Zielke
2006). If the perceived quality/performance is more than
an individual’s reference price, then it enhances the buyers’
price value perceptions. Therefore, it is expected that when
a consumer’s perceived value toward products at a retail
store is high, the OSPI will increase. That is, the price value
image will have a positive effect on the OSPI. Hypothesis
1 is formulated as follows: