Handbook of Research on Retailing
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Handbook of Research on Retailing

Edited by Katrijn Gielens and Els Gijsbrechts

The advent of e-commerce and the rise of hard discounters have put severe pressure on traditional retail chains. Boundaries are blurring: traditional brick & mortar players are expanding their online operations and/or setting up their own discount banners, while the power houses of online retail are going physical, and hard discounters get caught up in the Wheel of Retailing. Even successful companies cannot sit back and rest, but need to prepare for the next wave of change. In the face of this complexity, it is all the more important to take stock of current knowledge, based on insights and experience from leading scholars in the field. What do we know from extant studies, and what are the ensuing best practices? What evolutions are ahead, and will current recipes still work in the future? This Handbook sheds light on these issues.
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Chapter 3: How well do consumers know prices?

Marc Vanhuele

Abstract

Market response models that include price as a variable are based on the assumption that consumers, when making their choice, know the price of the product that they select. This chapter discusses consumers’ price knowledge. It lays out different ways in which the concept can be defined and measured, and summarizes extant insights into how consumers acquire, store and update such knowledge. It then reviews the antecedents of consumers’ price knowledge, including the economic context, sociodemographics, consumer shopping habits, and characteristics of the product. The chapter concludes by identifying gaps in the literature that warrant future research.

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